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They promised to jointly construct the Silk Road Economic Belt, which they said can be one of the tools for facilitating regional economic cooperation.

"And that's where I think that the narrative of the Chinese G20 Presidency, which is to boost for an innovation-based growth, has a good meaning. Because this is where countries are going to build their growth potential going forward," Ramos said.

David Dollar, a senior fellow at the Brookings Institution and a former official of the U.S. Treasury Department, said it's very important for both sides to have "a frank conversation about macroeconomic and financial policies" this year, as the Federal Reserve weighs its next interest rate hike in coming months.

The country is in an important transitional stage from quantity to a leap in quality, and from breakthroughs in limited areas to an improvement in overall capacity, he said.

The tribunal handling the South China Sea arbitration issued its final award on Tuesday. Japanese Foreign Minister Fumio Kishida said Tuesday that the award of the tribunal is final and legally binding, and all parties should comply.