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Xi also proposed that the two sides strengthen coordination and cooperation within multilateral frameworks such as APEC, G20 and the China-Japan-South Korea trilateral meetings.

Xi hoped that participants could share in-depth communication, cement consensus, consolidate existing cooperations and explore new opportunities for cooperation in the spheres of energy trade, investment and finance.

As the international community is concerned about the escalation of the trade frictions, Jin Jianmin, a senior fellow at the Fujitsu Research Institute in Tokyo, said the international community and the markets will definitely respond positively to the attitudes of the two sides in solving their disputes through cooperation and consultations.

Fourthly, countries should boost regional cooperation on sustainable development.

China supports the reform and improvement of the WTO rules, Li said, urging for relevant reforms to be conducted while making rules that "stick to the general direction of trade liberalization, accommodate all parties' concerns and interests, safeguard the development rights of developing members, and facilitate the narrowing of the North-South gap."