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China set up the Belt and Road Initiative to exert influence and make new alliances with countries initially in Asia. But now the initiative is open to all the countries of the world — a world of closer cooperation with China.

China will continue to deepen reforms and expand opening-up and improve its business environment, Xi said, adding that he hopes Singapore will also provide sound conditions for Chinese companies doing businesses in the country.

China will also regulate and manage Arctic-related affairs and activities within its jurisdiction in accordance with the law, steadily enhance its ability to understand, protect and develop the Arctic, and actively participate in international cooperation in Arctic affairs.

China will also expand effective investment, Li said. An increase of 1.6 trillion yuan (3.6 billion) of local government special purpose bonds, together with the issuance of special treasury bonds for COVID-19 control this year, will support investment in new infrastructure facilities, new types of urbanization, and key projects that contribute to better lives for people.

China remains the Golden State's biggest trading partner, the largest source of import and the third-largest export market. China-California trade volume in 2017 was 5.6 billion, a 10.9 percent increase over the previous year.