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Tom Troubridge, board member of the China-Britain Business Council, said that increasingly the connections between British and Chinese companies were being made in Britain, which was very different from decades ago.

Government efforts to promote cultural cooperation between the two sides have also contributed. There are 31 Confucius Institutes in 14 Latin American countries, including Brazil, Argentina and Cuba. During this tour, President Xi pledged to establish more.

The premier sees simplification of administrative approval procedures and delegation of power as important in stimulating businesses and creating a fair market environment, especially for small companies. He said private banks will also be piloted in the region.

Baek said the defense talks have achieved fruitful results and that defense cooperation between the two sides is conducive to regional peace, stability and prosperity.

"If we have a difference in one area, it need not derail the entire bilateral relationship," Rhodes said, adding that the two countries, as well as the world, have a lot in stake in Sino-U.S. bilateral relationship.