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China will not give ground on issues of principle during bilateral economic and trade talks, which are clearly stated in a white paper on bilateral trade consultations issued earlier this month, MOC spokesperson Gao Feng told a press conference.

China would like to enhance communication and cooperation with all sides, including the ROK, to push for improvement of the situation, Xi said.

China will remove foreign ownership restriction in the securities, fund management and futures business next year, meaning that foreign financial institutions can have 100 percent control of their business entities in China.

China will tackle weak areas in its business environment to further improve the country's overall competence and consolidate its stable and positive economic performance, the State Council decided on Wednesday at an executive meeting chaired by Premier Li Keqiang.

China's automobile sales were down by 14.6 percent in April year-on-year, marking the 10th consecutive month of decline in the Chinese auto market, according to the China Association of Automobile Manufacturers.