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China has said it neither accepts nor participates in international arbitration unilaterally pushed forward by the Philippines on the South China Sea disputes.

And when it comes to developed countries, they are in the advanced stage of industrialization or even a post-industrial period with a focus on re-industrialization. So they have an advantage to offer in terms of high-end equipment and technology. China' s strength in equipment manufacturing could well be tapped to meet the need of developing countries for lower procurement costs and industrial upgrading. China may also work with developed countries to set up joint ventures or cooperative operations. China may buy core technologies, key parts and components and energy saving and environmentally friendly equipment from developed countries, therefore offering developing countries inexpensive, quality and energy conserving products that are more environmentally friendly. During my recent visit to Latin America, I got on-board a China-made ferry that is powered by a diesel electric system purchased from a developed country, instead of a conventional diesel engine, making it largely pollution-free.

On Sunday, Greek Prime Minister Alexis Tsipras announced a surprise proposal for a referendum on the terms of bailout deal. His decision came after the last round of talks with lenders in Brussels failed as eurozone finance ministers rejected Athens' request to extend its bailout into July.

Beside the high-speed railway, China and Russia are also working on such large-scale cooperation projects as cross-border natural gas pipelines, the development of large, wide-body airplanes and development strategy of the Far East region.

Xi, also general secretary of the Communist Party of China Central Committee, is on an inspection tour of Zhejiang, where he was Party chief from 2002 to 2007.