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China's stock markets are in self recovery and adjustment after recent ups and downs, said President Xi Jinping on Tuesday in a keynote address to some 650 business executives and other guests in Seattle.

China takes resolute measures to combat corruption inside the Party and the anti-corruption campaign was initiated in accordance with the demands of its people, said Xi.

China will strive for coordinated development, promote structural adjustment, improve people's well-being and forestall risks, while keeping its economic growth at a medium-high level, added Xi.

The country will stay strongly committed to deepening its reform and opening up, to the rule of law, he said.

Xi also put forward a four-point proposal on the development of a new model of major-country relationship between China and the US.

China and the United States should read each other's strategic intentions correctly, further advance win-win cooperation, manage their differences properly and effectively to seek more common ground, and boost people-to-people exchanges.

China is ready to cooperate with US in fighting cyber crimes and China will never seek hegemony and be engaged in expansion no matter how developed it becomes, according to Xi.

China will not manipulate its currency to boost exports and will never engage in commercial theft, he said, adding it will not discriminate against foreign businesses.

Xi kicked off his first state visit to the United States Tuesday, a landmark trip aimed at building up trust and stepping up cooperation between the world's two biggest economies.