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He expressed belief that the summit will further promote trade among BRICS countries and help reach more reciprocal deals.

He emphasized that the new development pattern is critical for China and the world, as it is not only a strategic choice for the country to face the uncertainties arising from economic and geopolitical situations, but will also lay the foundation for China's sustainable economic development.

He called on the two sides to tap cooperation potential in areas such as clean technology, aviation and aerospace, civilian nuclear energy and agricultural science.

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He noted that trade tension started in early March with the US steel and aluminum tariffs for national security concerns and has fed into several bilateral negotiations aimed at reducing US trade deficits. "These initiatives will do little, however, to change the multilateral or overall US external current account deficit, which owes primarily to a level of aggregate US spending that continues to exceed total income," Obstfeld said.

He believes this has particularly affected the farming community, which has not benefited in the same way as the urban population.

He called for more resources, services and focus of management to be put in communities to meet the public's diversified demands and asked the workers to perform their duties well and get things done for the public.

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He expected production, which resumed in late February at its plant in Hefei, Anhui province, to return to normal in April as well.

He lamented what he called "cancel culture" and charged that some on the political left hope to "defame our heroes, erase our values and indoctrinate our children".

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He mentioned SAS also signed a deal but it was modest.

He made the statement at the 21st ASEAN-China, Japan and Republic of Korea (10+3) leaders' meeting in Singapore, along with Japanese Prime Minister Shinzo Abe, ROK President Moon Jae-in and leaders of the 10 ASEAN members.