President Xi Jinping on Tuesday told some of America's most powerful business executives that China does not condone cyberattacks and is willing to collaborate with the U.S. government to combat them.

During his widely applauded speech at a dinner banquet in the Westin Hotel, Seattle, President Xi said China has also been a victim of cyberattacks. He noted that all persons found guilty of hacking should be punished according to the stipulations of the law and relevant international agreements.

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"The Chinese government will not engage in commercial theft or encourage or support such theft by anyone," Xi said, adding that the international community must work together to resolve the issue.

It is unclear how far this denunciation by the Chinese leader will go to assuage concerns that China is somehow linked to a series of cyberattacks against U.S. government agencies as well as private companies. Analysts say President Barack Obama is likely to welcome President Xi's idea of creating a "high-level joint dialogue mechanism" to deal with these cyberattacks. The Obama administration has reportedly been infuriated by this issue and had been deliberating sanctions against China. However, pundits say President Xi's words may have completely dispelled the need for any such actions.

Xi highlighted on the need for both nations to deepen their understanding of one another. We need "more trust and less suspicion," he said, explaining that it is important to expand their areas of common ground, practice mutual respect and manage their differences.

The Chinese leader lambasted speculations that the recent devaluation of the yuan was undertaken to boost export. According to Xi, China will forge ahead with its economic reforms to develop the country further.

"China will never close its open door to the outside world," he said, assuring American executives that the Chinese government will continue to respect international business practices and take the necessary steps to ensure a more level playing field.

On the South China Sea dispute, President Xi said land reclamation in the region legal and has not had any negative effects on commerce in the area.

According to Xi, China is attempting to make the South China Sea open and vibrant. He said China is not seeking a showdown with any nation.

TagsChina U.S. Cyberattacks, China U.S. high level dialogue Cyberattacks, President Xi Jinping U.S. State Visit, U.S. China South China Sea, China Yuan Devaluation