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China appreciates that the United States has reiterated its one-China policy, hopes Washington will honor its commitment and support the peaceful development of cross-Strait relations, he said.

Noting that collaboration on international issues will demonstrate their high-level strategic mutual trust, the two countries agreed to strengthen mutual support and cooperation within multilateral frameworks such as the United Nations and the Shanghai Cooperation Organization (SCO), coordinate their stances on major international and regional issues, and jointly address such challenges.

The Asian Infrastructure Investment Bank (AIIB), a new development bank proposed by China, started operation on Jan. 16, 2016.

China and Russia should resolutely safeguard the purposes and principles of the UN charter, the basic norms of the international relations, global strategic balance and stability, as well as international justice, Xi said.

The unilateral initiation of arbitration by the Philippines is out of bad faith. It aims not to resolve the relevant disputes between China and the Philippines, or to maintain peace and stability in the South China Sea, but to deny China's territorial sovereignty and maritime rights and interests in the South China Sea, the Foreign Ministry statement said.