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China will advance reform and opening-up with greater efforts, more practical measures and faster pace, promote high-quality development, and maintain the continuity and stability of macroeconomic policies without adopting strong stimulus policies, he said.

The company, established in 2006, is a joint venture between Arctic Green Energy Corporation of Iceland and Sinopec Star Co., Ltd., a subsidiary of China Petrochemical Corporation (Sinopec), China's largest geothermal developer.

The international monetary system should become more diversified, and the global financial safety net should continue to be strengthened, he added.

"The decision to establish and develop diplomatic ties with each other was independently made by the two sovereign states," Xi said. "It is consistent with the international laws and purposes of the UN Charter and reflects such principles as mutual respect, equal treatment, mutual benefits and common development."

For his part, Patrushev said bilateral relations are at the highest level in history.