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A people-centered approach must be taken, Xi said, noting that the fundamental goal of promoting law-based governance is to protect the people's rights and interests. People's happy life must be guaranteed by the rule of law, he added.

The president also called upon the two sides to further synergize development plans and enhance cooperation in various fields, especially innovation in science and technology as well as the digital economy.

Li stressed the need to expand two-way opening up and investment, stay committed to fostering an open world economy, and safeguard the smooth operation of global industrial and supply chains.

"The two sides should manage disputes yet to be solved with a constructive attitude to avoid their escalation in order not to impact the general picture of China-U.S. relations," said Wang.

The debt suspension was extended by another six months until June 30, 2021, the G20 finance ministers and central bank governors decided in October.