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The summit showed a spirit of partnership for major economies to jointly face up to the complicated challenges and their confidence in weathering the hard times, he said.

At a press conference, Menendez said the meeting would tackle important topics, including new Chinese vehicles entering the Venezuelan distribution sector, the boosting of logistical capacity and the setting-up of Chinese production lines in Venezuela.

He took the North-Eastern Boundary case between Canada and the United States as an example. The tribunal ignored the two boundary lines claimed by the two sides, but drew a third line instead, which was regarded as a typical example of excess of power, and led to the invalidity of the arbitration.

G20 leaders will also push for a discussion of E-Commerce and the development of trade in services, the latter of which makes up nearly a quarter of global trade volume, Yi said.

The event was organized in part by the Yantai-based Jereh Group, a leading Chinese oil and gas service provider and equipment manufacturer.