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The Silk Road Economic Belt and the 21st Maritime Silk Road initiative, proposed by China, will create opportunities for trade and investment between China and countries along the routes, said Xi at a symposium with some 40 domestic and foreign entrepreneurs on the sidelines of the 2015 Boao Forum for Asia (BFA) conference.

Fighting red tape has taken on extra urgency as growth slows and the economy is steered away from an unsustainable model powered by state investment toward one driven by private consumption and services.

Xi added that they also agreed to take the opportunities of jointly building the Silk Road Economic Belt and commemorating the victory of the World Anti-Fascist War to consolidate traditional friendship, increase mutual political support, and carry out all-dimensional practical cooperation as well as closer coordination in regional and international affairs.

The meeting also vowed to boost state-owned enterprise reform and tackle problems like repetitive construction and over competition.

"Peace not war, cooperation not confrontation, and win-win not zero-sum are what drive peace, progress and development of human society," Xi said.