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The situation of the South China Sea has been stabilized and changing for the better without any major conflict or dispute, thanks to the joint efforts of China and related countries of the Association of Southeast Asian Nations (ASEAN), He told Xinhua on the sidelines of the Shangri-la Dialogue.

The China-Belarus industrial park, a special economic zone jointly developed by the two countries in the Minsk Region, is a key project personally promoted by the two presidents, and has so far made encouraging progress, he said, calling for concerted efforts to build it into a landmark cooperation project within the framework of the Belt and Road (B&R) Initiative.

He said he believed that China's broad prospects for development will not only benefit the Chinese people but will also improve the well-being of all people in the region.

The two sides should jointly safeguard the purposes and principles of the UN Charter, and safeguard multilateralism and global free trade regime, he said, adding that both sides should make due contributions to tackle global challenges.

Li said the essence of China-U.S. economic and trade cooperation was mutually beneficial and win-win cooperation.