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Swiss Finance Minister Ueli Maurer underlined China's emphasis on fostering innovation and other structural reforms, which, he said, were important to raise productivity and ensure the quality and sustainability of growth.

Li called on both sides to properly deal with new and old issues between the two countries, steadily push forward exchanges and cooperation, and maintain the positive momentum of bilateral ties.

On jurisdiction, Liu said the subject matter of the arbitration initiated by the Philippines, and the real intention behind it, is in essence related to territorial sovereignty and maritime delimitation.

Noting that the law has been "a victim of politics" throughout this farce, he further explained: "If such a farce were regarded as international law, and if international disputes were to be 'settled' in this way, the authority of international law and the peace between nations would be compromised."

"The global economic environment is challenging and downside risks persist," the officials said, citing fluctuating commodity prices, low inflation in many economies and market volatility, as well as conflicts around the globe and the resulting refugee crisis and terrorism, and Brexit.