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China's Vice Minister of Finance Hu Jinglin also announced that the Chinese government has formally approved the decision to build the CAREC Institute as an intergovernmental organization.

"To build a new type of major country relationship between China and the United States starting from Asia is an unprecedented cause," Liu said, adding that it requires both sides to think profoundly, act carefully, march toward the same goal and respect the interests and concern of each other. He said the two sides should steadily advance the development of a pattern of positive interaction and cooperation in Asia.

The initiative of building the 21 Century Maritime Silk Road presents many opportunities for China to enhance cooperation with Sri Lanka in such areas as port construction and operation, maritime economy and security, and the construction of a maritime transportation center in the Indian Ocean

Starting Wednesday, under a new agreement announced during the Asia-Pacific Economic Cooperation summit in Beijing, China and the U.S. will grant each other's citizens business or tourist visas with maximum validity of ten years. The validity of student visas will also be extended to up to five years.

"To beat swords into ploughshares may take time and effort, but history and reality have repeatedly demonstrated that to meet violence with violence will not lead to enduring peace, and the use of force will create more problems than solutions," he said.