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At present, the situation on the Korean Peninsula faces an important opportunity for easing tension and dialogue, Xi said, noting that China spoke highly of the ROK's efforts and is willing to work with the international community to promote the political settlement of the Korean Peninsula issue, combining China's "dual-track approach" with helpful proposals from all sides.

At the beginning of this year, China improved IPR protection in patent disputes by establishing a national-level IP court. The new court, under the Supreme People's Court, aims to streamline the appeal process by allowing litigants to bypass top provincial courts.

At the same time, Cho noted that achieving complete denuclearization and permanent peace on the Korean Peninsula, which is the shared goal of related parties, would be "a long journey (that) may take years to get to the final destination."

At the same time, the banking and insurance sector has ramped up support for the real economy. The country's new yuan loans amounted to 7.1 trillion yuan in the first quarter, up by 1.3 trillion yuan on a yearly basis. The new yuan loans were mainly directed to the manufacturing, wholesale and retail, and infrastructure sectors, in tranches of 1.1 trillion yuan, 0.9 trillion yuan and 1.5 trillion yuan, respectively.

At the Port of Oakland, where goods from China made up 30 to 40 percent of its total cargo volume, officials said they were gratified to see the initial agreement between the US and China and are hopeful that the development will result in an increase in global trade.