Chinese PresidentXi Jinpingdelivers a speech during a welcome banquet jointly hosted by Washington State government and friendly communities in Seattle, theUnited States, Sept. 22, 2015. Xi arrived in this east Pacific coast city on Tuesday morning for his first state visit to the U.S. (Xinhua/Li Tao) 

China's stock market is recovering after recent ups and downs, Chinese President Xi Jinping said Tuesday at a major policy speech during a dinner hosted by the Washington State government and groups from Seattle.

Xi was responding to concerns from the international community over China's current economic situation and the development path it will pursue.

China remains committed to steady economic growth, reform, opening-up, rule of law, an anti-corruption campaign and the path of peaceful development, Xi said.

"China's economy will stay on a steady course with moderately high growth," Xi said, adding the Chinese economy is still operating within a comfortable range. It grew by 7 percent in the first half of the year, and this growth rate remains one of the highest in the world, he said.

He noted that at present, all economies are facing difficulties, and that China's economy is also experiencing downward pressure. But this comes with progress, he added. He explained that China will take steps to achieve stable growth, deepen reform, adjust structures, improve livelihood and prevent risks, while strengthening macro regulations to keep the growth at a medium-to-high rate.

As recent volatility in China's stock markets have caused wide concern, Xi said that stock prices fluctuate in accordance with their laws. And it is the duty of the government to ensure an open, fair and just market and prevent panic.

"This time, the Chinese government took steps to stabilize the markets and contain panic, thus preventing a systemic risk. Mature markets of various countries have tried similar approaches. China's stock markets are adjusting and recovering." Xi said, adding that China opposes a currency war and will not devalue the RMB to boost exports.

In terms of cyber security, Xi noted that China is a staunch defender of cyber security, adding the country is also a victim of hacking. The Chinese government will not, in whatever form, engage in commercial theft or encourage or support such attempts. "China is ready to set up a high-level dialogue mechanism with the US on fighting cybercrimes," he stressed.

Xi also announced a four-point proposal on the development of a new model of major-country relationship between China and the US, which calls for China and the US to correctly read each other's strategic intentions, further advance win-win cooperation, properly manage their differences and seek more common ground, and boost people-to-people exchanges.