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It also signals an awareness of the disadvantages that have afflicted smaller economies in the traditional global economic order, Adrianza said.

According to James Laurenceson, deputy director of Australia-China Relations Institute at University of Technology Sydney, China's share of world trade last year reached 14.6 percent, making it by far the world's largest trader.

The meeting produced a joint communique calling upon the two countries to deepen cooperation in a wide range of fields, including economy and trade, investment, energy and people-to-people exchanges.

"He (Xi) also announced that China would reach out to the world with very important investments and open its market up to foreign investments. It fills us with optimism to see that China, one of the world powers, believes in the market, believes in competition ... as a mechanism for development," Mongilardi said.

In 1970, the Chinese government presented a crystal chandelier as a national gift to the Pakistani government, which became an often-quoted memory of friendly exchanges between China and Pakistan.