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China's official data also showed that in 2014, the Sino-British trade volume hit a record high of over 90 billion dollars, with an annual increase of 19.6 percent.

China and Britain are both major countries with significant influence, and now their partnership is standing at a new starting point, the president said, urging them to seize opportunities to promote their ties.

The Chinese economy has entered a "new normal" phase, shifting from high-speed and investment-led growth to medium-to-high and innovation-driven growth. Since the beginning of this year, we have set the tone of seeking growth while maintaining stability, with efforts going to stabilizing growth, promoting reform, restructuring, benefiting the people and preventing risks. The Chinese economy has remained in a reasonable range, showing a slow but stable and upward trend. China' s economy has grown 7 percent for the first six months, witnessing stable prices, increasing employment and optimized structuring and improved quality. Consumption has become a stronger driver for economic growth, and service sector has taken on a bigger share, while high technology and new industries have developed fast. The Chinese economy still faces downward pressure, but has resilience, potential and leeway, accompanied by sufficient foreign exchange reserves. The long-term fundamentals for an upward trend remains unchanged. We have confidence and capacity to maintain sustainable and healthy growth of the economy; we have the confidence to maintain general stability of yuan's exchange rate at a reasonable and balanced level and build an open and transparent capital market that will enjoy long-term, stable and healthy development. We will work strictly in line with the strategic planning of "Four Comprehensives", actively adapt to and guide the economic "new normal" , seeking progress while maintaining stability, reform and innovate and take development as the primary task. We will focus on improving economic development quality and efficiency, continue the proactive fiscal policy and prudent monetary policy and enhance targeted control. We will streamline administration to promote the economy proceed towards medium-to-high growth and medium-to-high level so that the economy will move towards green, low carbon, and sustainable growth. We will strive for building a well-off society in an all-round way, realizing the Two Centenary Goals and achieving the Chinese dream of the great rejuvenation of the Chinese nation.

China's recent economic slowdown has raised concerns that the reforms may be put on the back burner for now.

LONDON, Oct. 21 (Xinhua) -- Chinese President Xi Jinping said here Wednesday that his country's economy will keep operating within "a proper range" and there will be no "hard landing."