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Given the situation, the official said, China has to take actions in accordance with its trade law to offset the losses caused by the U.S. trade measures and safeguard its legitimate rights and interests.

The BRI "combines not only one of the most transformational development initiatives, but also if done right, will bring a lot of positive changes in many of these countries, not just economically, but politically and in many other sectors," said Zubaid Ahmad, a senior Wall Street banker who created an equity firm focusing on business opportunities arising from BRI projects.

These efforts would ensure a strong organizational guarantee for upholding and strengthening the overall Party leadership as well as upholding and developing socialism with Chinese characteristics, according to Xi.

Moreover, major steps have already been delivered in China to promote its reform and opening-up recently, he said.

He said that China and Mongolia are friendly neighbors connected by mountains and rivers, and that strengthening the all-round cooperation and deepening the comprehensive strategic partnership between the two countries are the only right choice for the two sides.