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The ministry said China firmly opposes the unilateralism and trade protectionism carried out by the United States, as it disregards China's efforts to strengthen the protection of intellectual property rights and ignores the rules of the World Trade Organization.

The meeting also was a chance for the countries to "bridge the communication gap and lay the groundwork to an economic and strategic grand bargain including cooperation in key areas, such as opening China's service sector, facilitating US exports to China and Chinese investment in US infrastructure, as well as strengthening geopolitical stability within the region," Xing said in a research note.

The meeting called for better leveraging of policy tools such as reserve requirement ratio cuts and re-lending in order to maintain a reasonably sufficient level of liquidity, as well as the intensification of efforts to make financing more accessible for enterprises and help them overcome financial problems.

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The ministry said the US government has repeatedly generalized the national security concept and abused its national power to suppress Chinese companies, seriously violating market competition principles and international trade rules.

The meeting stressed the necessity to deepen capital market reform and improve the fundamental system of the market with the goal of building a "disciplined, transparent, open, vibrant, and resilient" equities market.

The ministry also noted that the urban and rural subsistence allowances have increased by an annual average of 8.7 percent and 14 percent, respectively, in the past five years.

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The meeting underscored upholding and improving the major institutions that underpin the system of socialism with Chinese characteristics.

The ministry recently approved an action plan to help the Beijing-Tianjin-Hebei region reach their targets.

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The meeting between Kim and Moon has ended at 5:45 pm local time  Updated at 18:30 Beijing Time

The meeting, held via video link, was co-chaired by President Xi Jinping, German Chancellor Angela Merkel — whose country currently holds the EU's rotating presidency — European Council President Charles Michel and European Commission President Ursula von der Leyen.