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Schroeder is the Honorary Chairman of the Hamburg Summit, which is initiated by the Hamburg Chamber of Commerce in 2004.

Li called for concerted efforts to build an open world economy, support the multilateral trading system with the World Trade Organization at the core, and promote trade and investment liberalization and facilitation.

"Energy cooperation has become the focus of China-Arab economic and trade cooperation," Liu said during the conference.

China is willing to carry forward its traditional friendship with the Philippines and deepen the cooperation, so that the two countries can forever make good neighbors, good friends and good partners and share the prosperity, he said.

The country has cut tariffs for an array of products including vehicles, consumer products and industrial goods this year, lowering the overall tariff rate on imported goods from 9.8 percent last year to 7.5 percent. It has also relaxed foreign ownership restrictions in such sectors as automobiles and financial services.