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She also called on the BRICS countries to strive for greater representation in international financial institutions.

It is the fourth bilateral meeting between the two leaders since their first in Fortaleza, Brazil, last July. Respectively in September 2014 and May 2015, Xi and Modi visited each other's country, including each other's hometown.Full Story

The two economies are highly complementary, with extensive potential for cooperation in expanding production capacity, infrastructure, agriculture, energy and other sectors, said the vice premier.

Furthermore, he said, both sides' media should work together to safeguard the outcomes of the victory of World War II and international justice and promote cultural exchanges and mutual learning, in order to make greater contributions to consolidating the basis of the two countries' friendship, enhancing mutual strategic trust, and upholding their development interests.

If China opens up some sectors soon and improves market access for U.S. and other foreign investment, that will "create a much stronger foundation in the United States for moving ahead with the bilateral investment treaty," said Dollar, a former U.S. Department of Treasury's economic and financial emissary to China.