In his first policy address during a landmark visit to the United States, Chinese President Xi Jinping defended his country's growth pace and reassured the world that China's financial markets will remain stable.
"China's economy will stay on a steady course with fairly fast growth. It's still operating in a proper range with a growth rate of 7 percent...Our economy is under pressure but that is part of the path on the way toward growth," the 62-year old leader told U.S. diplomats and corporate leaders at a dinner in Seattle on Tuesday.
His comments preceded data showing a preliminary gauge of Chinese manufacturing activity falling to a six-and-a-half-year low in September.
Among the high-profile guests in attendance at Tuesday's dinner were former U.S. secretary of state Henry Kissinger, U.S. Commerce Secretary Penny Pritzker and a number of C-suite executives from Microsoft, Ford, Apple, Starbucks, IBM and many more.
While President Xi's speech touched on a range of hot-button topics from cyber crimes and human rights issues, his commentary on Chinese markets was perhaps the most key to international investors.
Xi said the Chinese stock market has now reached a phase of self-recovery and self-adjustment after a period of extreme volatility that caused worldwide ruptures.
Despite his optimistic tone, indices in Shanghai and Shenzhen opened more than 1 percent lower during Asian trade.
He also said China will not lower the renminbi exchange rate to boost exports, reiterating Beijing's stance that there is no basis for the continued depreciation in an attempt to quash fears of an Asian currency war after the renminbi's surprise devaluation in August.
Just last week, research firm IDEAglobal said China was mulling a 15-20 percent devaluation of its currency by the end of 2016, citing an interview it had conducted with a "reliably-informed Asian source."
The yuan showed little reaction to Xi's comments however, trading flat around 6.38 per dollar in early trade but analysts said markets will appreciate Xi's vote of confidence in the long-term.
"The words we hear today will reassure investors that you may not actually see big currency moves. Stability will come first and I do think the equity market will appreciate that," Frederic Neumann, HSBC's managing director and co-head of Asian economic research, told CNBC.
To be sure, some skeptics still remain.
"When Xi says he won't devalue to boost exports, that's G-20 code. He can devalue for domestic growth. And he will," tweeted Jim Rickards, chief global strategist at West Shore Funds, after the speech.
On the economic front, the President said development remained Beijing's top priority: "We must focus all our resources on improving living standards. We want to double per capita gross domestic product (GDP)."