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The two sides are targeting their bilateral trade at 1 trillion U.S. dollars by 2020.

At the one-day event, they issued a Beijing Declaration, pledging to enhance friendship and mutual understanding among BRICS' peoples and promote mutually beneficial cooperation in economic, social and other fields through "objective, impartial, comprehensive and timely reporting".

The current situation in the South China Sea is "very unfortunate" for both China and the United States, as it seems to be setting the two countries on a "course of collision," the 68-year-old attorney observed.

"China will join hands with other G20 members to help the Antalya summit adopt responsible macroeconomic polices, thus bringing about positive spillover effects on other countries," Li Baodong said.

The two countries should further expand reciprocal cooperation in all areas, Zhang said.