The president reiterated that China's reform and opening up will never stop.

"We are willing to work with the US side to expand mutually beneficial cooperation in finance and economy and advance regional and global economic development and cooperation," Xi said.

Paulson noted the importance of bilateral ties, saying that the achievements of bilateral cooperation in various fields such as trade and economy, environment and climate change have played a positive role in advancing US-China ties.

In the face of uncertainties in world economy, China's perseverance in deepening reform and promoting restructuring is admirable, Paulson said.

China's further reform and opening up will provide more chances to the economic and trade cooperation between the two countries, Paulson said.

Paulson also urged the two sides to push ahead with the negotiations on a bilateral investment deal.