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The project which has now been expanded to 269 hectares under the new Tripartite agreement will include central parks and beaches for the public. The project is also expected to create thousands of jobs in the island country.

Xi said achieving a great rejuvenation of the Chinese nation has become China's biggest dream in modern history.

"China and ASEAN nations have the full wisdom and ability to manage the South China Sea issue," Li said, adding that nations outside the region should "understand and support" the efforts made by nations within it, rather than "overstating differences or even sowing the discord."

Rice said the U.S. side viewed its relationship with China as its most consequential ties today and China's success is in line with America's interest.

It can be "a game changer for trade and business" thanks to physical and digital infrastructure making economies ever closer and more interdependent, he noted.