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In response to U.S. proposed tariffs on Chinese products, China on Wednesday hit back with a slew of tariffs on U.S. goods, including a 25-percent on soybeans.

Yi stressed the significance of forestalling systemic risks and dealing with domestic issues. "If we can handle our own issues properly, we will have a sound foundation to fend off external impacts."

Hainan should resolutely implement the new development concept to build a modernized economy and come to the forefront of promoting high-quality economic development, Xi pointed out.

He called on countries to send strong signals of cooperation and win-win so that world markets will have stable expectations.

President Xi set out his defense of globalization at the World Economic Forum in Davos, Switzerland last year, just days before U.S. President Donald Trump took office.