Chinese President Xi Jinping on Tuesday called for efforts to promote openness and cooperation to resolve world's economic problems as the global economy has become ever more integrated in the contemporary era.

Xi made the remarks at the opening ceremony of the second China International Import Expo (CIIE) in Shanghai.

Globalization creates opportunities and challenges, Xi said, and it is important to resolutely oppose protectionism and unilateralism in a bid to jointly build a world economy of openness and cooperation.

Xi also called for efforts to cut tariffs and institutional costs.

"As long as we treat each other equally and with mutual understanding, we can solve all problems. We should seek development by openness and continue to deepen cooperation and exchange. We should continue to 'hold each other's hand' not to 'let go.' We should continue to 'tear down walls' not to 'build walls,'" he told guests at the event.

China firmly opposes trade protectionism, unilateralism and will continue to cut trade tariffs and open its market, Xi said.