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As for punitive measures, he said: "I generally do not think that barriers between countries are good things. I think, in the vast majority of cases, various regulations decrease the size of the global economy and make everybody in the world poorer."

As an old Chinese saying goes, a commitment, once made, should be delivered. Boosting development in the Asia-Pacific requires real actions by all of us members. As the world's second largest economy, China knows fully well its responsibility. Over the past five years, we have taken proactive steps to adapt to, manage and steer the new normal of China's economy and deepened supply-side structural reform. As a result, China's economy has maintained steady performance, and we are pursuing better-quality, more efficient, fairer and more sustainable development. Over the past four years, China's economy has grown by 7.2% on the average annually, contributing over 30% of global growth. China is now a main driver powering global growth.

As a matter of fact, trade alone at Alibaba, China's largest e-commerce platform, reportedly reached 168.3 billion yuan (.4 billion) on Saturday's shopping promotion, a day known in China as Singles' Day because the date, 11-11, resembles four "bare sticks," a term used in the country to refer to single people.

As bilateral trade continues to grow rapidly, mutual investment is expanding, and large-scale strategic projects in the fields of energy, nuclear power, aerospace and infrastructure are being steadily advanced, she said.

As a trigger of the escalated dispute, Japan argued that South Korea's compensation claims were settled by a 1965 treaty between the two sides. Seoul disagrees, arguing that agreement didn't cover emotional pain and suffering.