Full coverage: G20 Hangzhou Summit

HANGZHOU, Sept. 2 (Xinhua) -- China hopes the upcoming meeting between Chinese President Xi Jinping and his U.S. counterpart Barack Obama can yield bountiful results, a Chinese official said Friday.

Zhu Guangyao, China's vice finance minister, said at a press conference that the country looks forward to fruits both in bilateral cooperation and in policy coordination on multilateral occasions, including the upcoming G20 summit scheduled on Sept. 4-5 in Hangzhou.

During a meeting with Obama earlier this year, Xi stressed the importance for China and the United States to be firmly committed to the right direction of building a new model of major-country relations, and follow the principles of non-conflict, non-confrontation, mutual respect and win-win cooperation.

Xi also attaches great significance to Sino-U.S. economic ties, and the two economies are now closely interrelated, Zhu said.

Both countries have realized that their economic prosperity relies heavily on each other's development, "and thus both countries treasure the hard-earned close economic relations," Zhu said.

In 2015, the bilateral trade between the two countries reached 558.4 billion U.S. dollars, slightly up by 0.6 percent from a year earlier, data from the Ministry of Commerce showed.