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"Cooperation is the only right option," Zhang told more than 500 entrepreneurs and officials from China and the U.S. state of California.

Reform on this scale required a meticulous plan and detailed maneuvers.

The Ministry of Commerce released at the opening of CIFTIS on Tuesday that China's service trade rose 2.6 percent to 1.29 trillion yuan (about 191 billion U.S. dollars) in the first quarter of 2019, after making a robust growth of 11.5 percent to 5.24 trillion yuan in 2018, a historic high and ranking second in the world for five consecutive years. The share of service trade in the country's total foreign trade has reached 15.6 percent.

Efforts will also be made to develop new approaches to pursue swaps, and the pilot program of debt-to-preferred stocks swap should be expanded. Quality companies with a high leverage ratio as well as quality business segments will be prioritized in the deb-to-equity swap.

In his congratulatory message, Xi pointed out that the development of the current relations of China and the European Union (EU) is on a good momentum. The two sides have frequent contacts on various levels and their pragmatic cooperation has yielded fruitful results. The people-to-people and cultural exchanges are humming, and coordination between the two sides in dealing with global affairs is effective.