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5.Both sides reaffirm the importance of existing China-Philippines bilateral dialogue mechanisms such as the Foreign Ministry Consultations, Consular Consultations, Joint Commission on Economic and Trade Cooperation, Annual Defense Security Talks, Joint Committee on Agriculture, Joint Committee on Fisheries, and the Joint Commission Meeting on Science and Technology, among others, in enhancing understanding, broadening cooperation, and striving for a stronger partnership.

Noting that PNG is a Pacific island country with significant influence, Xi said that China and PNG have been conducting their relations based on principles of mutual trust, equality and win-win cooperation.

A week ago, the first China International Import Expo (CIIE) was successfully held in Shanghai. It was attended by 172 countries, regions and international organizations, over 3,600 companies, and more than 400,000 Chinese and foreign buyers. Deals worth US.8 billion were sealed. The Hongqiao International Economic and Trade Forum, held as part of the Expo, attracted over 4,500 leading personalities from various sectors around the world. With such actual steps, China has demonstrated its commitment to trade liberalization and opening-up of its market. I wish to welcome you all to the second CIIE to be held next year. I am confident that the large market of China, with a population of close to 1.4 billion, will be a source of dynamic growth for the global economy.

"We stand ready to strengthen communication and coordination with Australia in multilateral mechanisms, as a way of jointly safeguarding multilateralism and free trade," Wang added.

Xi said Thursday that the country will unswervingly encourage, support and guide the development of the non-public sector and support private enterprises to develop toward a broader stage.