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Li made the remarks while meeting with his Latvian counterpart Maris Kucinskis. The Chinese premier is currently on an eight-day tour of four Eurasian nations including Kyrgyzstan, Kazakhstan, Latvia and Russia.

The summit which was scheduled for Nov. 23 and 24 this year in the northern German city of Hamburg delivered discussions, keynote speeches and panel meetings focusing on various topics, such as the fallout from Brexit, China's economic transition, the Belt and Road Initiative and boosting efficiency in industrial manufacturing.

"For countries like Australia, getting improved access to China is crucial as the Chinese market is incredibly important. The WTO has been a starting point for Chinese-Australian relationships as well for trade agreements. We now have a free trade agreement between China and Australia," said Lisa Toohey, associate professor of international trade law at the University of New South Wales and member of the university's China International Business and Economic Law Initiative.

China, since joining the WTO, has lowered its tariffs by a large margin, and has made achievements in the construction of the market economy system, observers said.

It also signals an awareness of the disadvantages that have afflicted smaller economies in the traditional global economic order, Adrianza said.