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"Boosting cross-border e-commerce will contribute to high-level opening-up. It will promote steady growth of foreign trade, drive consumption and create jobs," Li said. "We need to take a holistic approach, exercise prudent yet accommodative regulation to fully unleash the growth potential of cross-border e-commerce."

The two leaders witnessed the signing of a joint action plan as well as multiple bilateral cooperation documents.

A brainchild of President Xi Jinping, the expo is set to become a landmark project in the country's new round of higher-level opening up.

Liang Ming, a senior researcher with the Chinese Academy of International Trade and Cooperation, called the expo "trail-blazing" and a "major action" in building an open world economy amid rising protectionism.

"China sticks to the road of peaceful development, and is still committed to the building of a relationship with the United States that features no conflicts, no confrontation, mutual respect and win-win cooperation," Xi said.