He also proposed to enhance the connection among international and regional financial cooperation mechanisms and establish a firewall against financial risks.

China will firmly push forward reforms in order to guarantee a sustainable and healthy socioeconomic development, Xi said, adding that China will also work to boost the flexibility of the foreign exchange rate of the Chinese currency. \China, he added, will also create a fair legal environment for foreign firms doing business in China, and is ready to settle trade disputes with other nations through talks.

The Chinese president also urged all G20 members to increase the quality of their economic growth and enhance their competitiveness via structural reforms.

They should also balance their own interests with the interests of others and build a global marketplace that can bring benefits to all, Xi said.

Other participating leaders noted that the global economic recovery is at a critical stage and faces both challenges and opportunities.

G20 members, they said, need to promote policy coordination and cooperation, maintain the stability of international financial markets, and consolidate the foundation for a robust, sustainable and steady global economic growth.

This is the first time for Xi to attend a G20 summit. On the sidelines, he attended an informal leaders' meeting of the BRICS group, which also includes Brazil, Russia, India and South Africa. A series of bilateral meetings were also on his schedule.

The G20 groups Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States as well as the European Union.