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China is striving to upgrade its labor-intensive manufacturing sector through technological innovation as it faces a shrinking working-age population and increasing labor costs.

China is a manufacturing powerhouse in mid-and low-end goods. But the US is still the dominant player in high-value industries. The US also has an extremely sophisticated service industry and thrives on innovation, research and development.

China is the net importer in China-US agricultural trade due to differences in resources between the two countries and China's increasing demand, he said.

China has reiterated its stance of further reform and opening-up, which creates new chances for foreign companies, including those from Germany, and is exemplified by tariff cuts for automobiles, Chen said.

China is the largest source of foreign visitors to Cambodia. In the first nine months, 1.44 million Chinese tourists visited Cambodia, up 71.2 percent year-on-year, according to a report released by Cambodian Tourism Ministry in November.