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Meanwhile, China reaffirmed its support for the building of the ASEAN Community and its support for ASEAN centrality in the region, and stated its readiness to enhance communication and practical cooperation with Indonesia and other ASEAN countries in China-ASEAN, ASEAN Plus Three, East Asia Summit and other regional cooperation frameworks, and jointly uphold peace, development and prosperity in East Asia, read the communique.

A detailed work plan was released on Monday regarding FTZs. FTZs are part of the government efforts to test reform policies and better integrate the economy with international practices in a landscape where China's old export-reliant model is no longer sustainable.

China on Tuesday launched three new free trade zones (FTZ) in Tianjin, Guangdong and Fujian, 18 months after the first FTZ opened in Shanghai.

Podesta said U.S.-China relations have global significance. He said the two sides should cooperate to address global challenges.

In 2014, two-way trade between China and Latin America hit 263.6 billion U.S. dollars, a 20-fold increase from the total value in 2000. China's investment in the region also surged to more than 80 billion dollars last year, according to statistics released by China's Ministry of Commerce.