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"The world market is so complex and competitive that it is difficult to hope that it will be possible to break into it immediately with a product that will beat all others and drive out all competitors," Kashin said, echoing Royce's remarks.

Based on existing cooperation, Liu said, Xinhua is willing to further enhance cooperation with LETA, the relevant government departments of Latvia as well as other Latvian media organizations, intensify news coverage on the Belt and Road Initiative, and promote mutual understanding and friendship between peoples of China and Latvia.

SCO Secretary-General Rashid Alimov said earlier that the membership of India and Pakistan, both regional heavyweights, will enhance the SCO's role in combating cross-border terrorism and promoting free trade.

Huang Yong, Chinese ambassador to Latvia, was present at the meetings.

"Global growth continues to gather momentum, as both developed countries and emerging markets show stronger economic performance. However, grave challenges remain. Therefore, it is particularly important for the G20 to play its role as a premier forum for international economic cooperation," he pointed out.