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Meanwhile, Rice highlighted some of the major differences between the two countries on issues such as China's economic policies, cyber security, maritime disputes in East and South China Seas, and human rights.

Let us not forget that in October 1962, when the Soviet Union was building missile sites in Cuba -- not even on U.S. soil -- U.S. President Kennedy made it clear in a televised speech that the United States would not "tolerate the existence of the missile sites currently in place."

"It is fair to say that China and Britain are increasingly interdependent and becoming a community of shared interests," said Xi.

The idea for the community of common destiny for mankind is wise, profound, with common prosperity as its core, Bennett said.

Economists also believe the anti-graft fight could benefit foreign companies operating in China as it will drive forward standards.