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China has unswervingly expanded opening-up and announced since the beginning of the year a series of new measures in opening up its market, Xi said.

Two treaties between China and Grenada, one on extradition and the other on criminal judicial assistance, were also ratified at the closing meeting.

"China has the conditions and ability to cope with various risks and challenges, and promote its economy to achieve high-quality development," Li said.

Chan said the upgrade signals both countries' joint commitment towards not only greater economic collaboration but also trade liberalization.

Since their previous meeting, Xi said, the world situation has witnessed a lot of changes. As two major countries with great influence, China and the United States shoulder important responsibilities in promoting world peace and prosperity.