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In September this year, Xi will again welcome world leaders to China as Hangzhou hosts the G20 Summit.

S&P on Thursday said that China's sovereign credit rating had slipped to negative because excessive government spending and debt may curb growth. It did, however, maintain the rating at AA-, saying the government's reform agenda was on track albeit at a slower-than-expected pace.

Wickremesinghe said Sri Lanka is ready to promote the exchanges between the law-making bodies of the two nations.

However, this once robust industrial base is bearing the brunt of a more-acute slowdown than the rest of the country, trailing well behind in terms of GDP growth.

Speaking at the 49th Annual Meeting of the Board of Governors of Asian Development Bank (ADB) here, Lou said the world economy is still faced with severe challenges and countries should speed up their structural reforms to enhance the flexibility and resilience of their economies and foster sustainable growth by means of innovation.