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Hailing the importance of the U.S.-China relationship, the media tycoon said News Corp. will work to foster mutual understanding and boost cooperation between the two nations.

Since then, he has made several trips to the U.S. and hosted many American friends in China, the president said.

Already a middle income economy, China cannot overcome the trap by simply relying on structural reforms and expanding domestic consumption, said Edmund Phelps, a Nobel Prize-winning American economist, at an innovation forum held in the eastern business hub Shanghai on Tuesday.

"The Chinese dream is after all a dream of the people. We can fulfill the Chinese dream only when we link it with our people's yearning for a better life," Xi communicated the vision's essence to the audience with a plain language, but in a profound way.

China's sovereignty over the Nansha Islands and its adjacent waters is "irrefutable," said Lu Kang, a spokesman of the foreign ministry when commenting on the incident, adding China will respond to any deliberate provocation by any country.