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The two-day forum was scheduled to cover key topics including "remaking global trade," "managing the supply chain threat," "the future of global manufacturing," "energy challenges in the new economies," "managing the next financial shock," "financing the new economy," "supercities in the 21st Century" and "the geopolitics of markets."

Stressing the importance of jointly promoting inclusive and sustainable development, Wang said China hopes all parties will advocate the multilateral trading regime.

Ecological degradation is a key global challenge. Xi attended the UN Climate Change Conference in Paris in November 2015. China is one of the first countries to sign the Paris Agreement on climate change. Xi personally handed over China's instruments of joining the Paris Agreement to then UN Secretary-General Ban Ki-moon in September 2016.

With the new commitments to supporting the private sector, more favorable policies are expected be rolled out soon.

Xi also urged for pushing forward reforms in key areas and deepening capital market reform to attract and nurture more home-grown tech firms. Shanghai should build a world-class business environment, promote all-round and high-level opening-up to lay a solid foundation for long-term development, take a lead in supporting private businesses and build for them a good institutional environment.