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China still has ample room for reform, he said, adding reform is the solution to tackle problems affecting the development of the economy and society.

James Brodie, Scotland and China business adviser for the China-Britain Business Council, said it will be conducive to China's economic growth to speed up the perfection of the modern market mechanism and the transformation of government functions while exercising scientific macro-economic measures and effective state governance.

The new German government attaches great importance to advancing the ties between Germany and China and is ready to continue to deepen friendship and cooperation between the two countries, he said.

The 21st Century Council is a non-governmental forum composed of former heads of state, top global intellectuals and entrepreneurs. Founded in 2011, it is becoming a platform for dialogue and action that is dedicated to addressing key challenges of global governance.

Xi also extended his appreciation for Germany's positive and active role in resolving trade disputes of photovoltaic products and telecommunications between China and Europe.