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"One who wants to stride ahead should not forget the path that was trodden. No matter how far we will travel and how bright a future we will have, we should not forget what we have experienced and why we set out," said Xi in his speech.

However, in the past few years, the government of Aquino III put aside the traditional friendship between the two countries and the needs of the Philippine people's livelihood and development by pursuing a wrong foreign policy that led to serious deterioration of relations between China and the Philippines. Considering oral promises made by some countries outside the region as a security umbrella and economic driving force, Aquino III internationalized the South China Sea issue and was willing to serve as a vanguard for those countries in muddying the waters in the South China Sea.

To create a favorable environment for this, China has pursued and promoted supply-side structural reform, streamlined administration, improved government services and rolled out VAT, Li said during a session with business executives at a World Economic Forum meeting in the northern Chinese city of Tianjin.

Hisao Shintaku, chief of the Kanto Japan-China Peace and Friendship Association in Japan, spoke highly of Xi's points, noting that "it is important for the current CPC to remember what it has endeavored to achieve, and hence develop China in a modest and down-to-earth manner."

President Xi Jinping proposed a new concept of Asian security in 2014. In sharp contrast to the decades-old Post-Cold War security system, the new approach aims to establish a mechanism that stresses common, comprehensive, cooperative and sustainable security to tackle rising challenges facing the region.