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The potential for conflict between the two countries has increased, with both China and the U.S. competing in the Asia-Pacific region for strategic geographic leverage.

While China's acknowledged prowess in infrastructure fits the bill, and the cooperation between the two sides will undoubtedly become a new highlight in bilateral relations.

"We have turned China into the world's second largest economy, lifted l.3 billion people from a life of chronic shortage and brought them initial prosperity and uNPRecedented rights and dignity," Xi stressed in the speech.

"If two big countries like ours do not cooperate with each other, just imagine what will happen to the world," Xi said, noting that both history and reality show that China and the United States stand to gain from cooperation and lose from confrontation.

Xi said that the global development should not be development of any single country.