Chinese President Xi Jinping said the country's economy is capable of moderate-to-high speed growth in the long run during a meeting with business leaders from China and the US on Wednesday.

Xi said slower growth in China, which has recently been the focus of attention of the international community, is a result of changes in the country's development mode, restructuring of the economy and previous stimulus strategies. He was addressing a delegation of US business leaders and former senior officials during the seventh round of dialogues between China-US business leaders and former senior officials ahead of his US state visit slated for later this month.

Xi vowed to keep deepening reforms, comprehensively transform the economic development mode and to make the market play a decisive role in resource allocation, the Xinhua News Agency reported on Thursday.

China will see a better quality of economic growth and efficiency, and increasing growth stamina, Xi said, pointing out that the country possessed sufficient conditions for maintaining moderate-to-high speed economic growth.

"We expect Chinese and US leaders to deepen cooperation and hence promote the Sino-US ties," Thomas J. Donohue, president and chief executive officer of the US Chamber of Commerce, said at the conference.

He was quoted by the China News Service as saying that both sides should face up to and settle disputes, stressing that those disputes should not undermine the enormous potential for collaborations.

In 2014, the volume of trade in goods between China and the US amounted to some $560 billion, according to the Economic and Commercial Counselor's Office of the Embassy of China in the US.

Bloomberg reported on Thursday that Xi will deliver a speech to American business leaders including Tim Cook and Warren Buffett in Seattle, Xi's first leg of the state visit.

Jack Ma, head of e-commerce giant Alibaba Group Holding, and Yang Yuanqing, chief executive officer of the world's largest PC maker Lenovo Group, will be among the Chinese guests.

During his US visit, Xi will also hold talks with US President Barack Obama and meet with US parliament leader, local officials and top executives from US companies.