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The global influence of Chinese science and technology has grown, and the country's industries have made headway, the political advisors said, while adding that challenges remain.

The Belt and Road Initiative is set to promote win-win cooperation for shared development and prosperity, peace and friendship, through enhancing mutual understanding, trust, and exchanges. The initiative advocates peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit. It promotes cooperation in all fields, and works to build a community of shared interests, destiny and responsibility featuring mutual political trust, economic integration and cultural inclusiveness.

Speaking in an informal meeting during the 11th Asian-Europe Meeting (ASEM) Summit in Ulan Bator, Li said the South China Sea issue should not be subject to multilateral discussions from the very beginning, and is not included in the Ulan Bator summit's agenda.

The multi-billion-dollar pledges in aid, investment and debt exemption to less developed countries will help them meet key poverty reduction targets, Wang said.

Despite the default, Zhao said China's overcapacity cutting efforts will not drag on the country's growth or harm the world economy.