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Noting that the two countries are both at an important stage of development and reform, Xi pointed out that they enjoy broad prospects for their cooperation in such areas as trade, investment and people-to-people exchanges.

BEIJING, Dec. 23 (Xinhua) -- A dialogue between the Communist Party of China and the Kuomintang (KMT) Party was held on Friday in Beijing, discussing ways to strengthen cross-Strait ties.

"For countries like Australia, getting improved access to China is crucial as the Chinese market is incredibly important. The WTO has been a starting point for Chinese-Australian relationships as well for trade agreements. We now have a free trade agreement between China and Australia," said Lisa Toohey, associate professor of international trade law at the University of New South Wales and member of the university's China International Business and Economic Law Initiative.

Russia, which has been under great pressure due to Western sanctions, is facing an economic transformation that needs to be promoted by a industrial upgrading.

"We should firmly pursue the FTAAP as an institutional mechanism for ensuring an open economy in the Asia-Pacific," he told global business leaders, emphasizing openness is the lifeblood of the Asia-Pacific economy.