President Xi Jinping emphasized Monday that China's reform and opening-up will "never stop," in the wake of fears that a China-U.S. trade war could spark a shrinkage in global business activities.

"The world has seen China's reform and opening-up and its determination to carry it forward," Xi said in his speech on New Year's Eve, adding, "China's reform will never stop and its doors will only open ever wider."

In 2018, China marked the 40th anniversary of its reform and opening-up policy aimed at modernizing its society and developing the market economy under the leadership of the Chinese Communist Party.

With the world's second-biggest economy showing signs of slowing down against a backdrop of the tit-for-tat tariff trade dispute with the United States, Xi also promised to push its Silk Road infrastructure project.

(Beijing's National Museum in November 2018)

"We will continue to push ahead with the joint construction of the Belt and Road initiative, and continue to advocate for the development of a community of a shared future for mankind," Xi said.

China has sought to expand infrastructure networks in Asia, the Middle East, Europe and Africa to attain its goal of connecting countries along the ancient Silk Road more closely, but concerns linger in Japan over Beijing's transparency in its financing.

On the military front, Xi committed to bolstering China's defense capacities, an effort many observers say has manifested itself in recent years as Beijing rapidly built artificial islands with military infrastructure in the disputed South China Sea -- home to some of the world's busiest sea lanes.

(Shenzhen, China, in November 2018)

"Looking at the world at large, we're facing a period of major change never seen in a century," Xi said.

"No matter what these changes bring, China will remain resolute and confident in its defense of its national sovereignty and security. And China's sincerity and goodwill to safeguard world peace and promote common development will remain unchanged," Xi added.

In addition to trade, Beijing and Washington have been divided over security issues such as Taiwan and the South China Sea. China considers Taiwan a renegade province awaiting unification, by force if necessary.