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It sets a tone of encouraging high-quality shared public services, a green and efficient transportation system, green and intelligent municipal infrastructure, and boast a modern security system.

He underscored the importance of tax cuts and fee reductions, as they are key to coping with current downward economic pressures and can benefit the economy in the long run.

During his visit, Xi was awarded an honorary doctorate from Russia's St. Petersburg State University, Putin's alma mater, which wrote another episode of exchanges between Chinese and Russian heads of state, as well as in the fields of people-to-people exchanges and education, Wang said.

"The government must put market players at the center of its services to provide them with an enabling environment. Faced with slower investment growth, we need to get our focus right in keeping investment expansion steady. The focus should be major projects that can meet people's expectations, spur domestic demand and boost consumption, and run little risk of repetitive construction," Li said, "The demand for renovating old residential areas is huge. If work is done well in this field, it could be a significant driver of growth."

Economists at Moody's Analytics also found that U.S.-China trade disputes would slash U.S. real gross domestic product (GDP) by 2.6 percentage points and cost the economy 3 million jobs by the final quarter of 2020.