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BEIJING, June 8 (Xinhua) -- China on Wednesday again urged the Philippines to stop its arbitral proceedings and return to the right track of settling relevant disputes in the South China Sea through bilateral negotiation with China.

Although facing many challenges, China still has great development space and market potential, Li said at a meeting with attendees of the fourth round table summit of the Global CEO Council.

The annual high-level dialogue also coincides this year with China hosting the Group of 20 (G20) summit and the United States holding presidential elections. While it's too early to tell what specific outcomes the two sides could get from the two-day dialogue, past experiences suggest that maintaining regular dialogues and continued engagement between the world's two largest economies is increasingly crucial to both countries and the global economy.

"With advanced technology and forward-looking design, the Y-20 has great potential and advantages for further development," said Zhu Qian, head of AVIC's Large Aircraft Development Office.

Bilateral win-win cooperation has not only boosted Kenya's development, but also benefited neighboring countries, he said, hoping that businesses of both nations would continue to expand areas of cooperation.