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"China will be widening the business spectrum for foreign financial institutions and also expand the cooperation areas of Chinese and foreign financial markets," Xi said, addressing more than 2,000 politicians, business and media leaders and scholars at the four-day event, which started Sunday in South China's Hainan province.

"Chinese companies used to lag far behind multinational pharmaceutical companies in vaccine development and production, but have been gaining ground fast in the past few years," Shi said.

"Chinese philanthropists are seeking more profound social influences and values. Last year, 12 out of the 100 largest donors were women; family charity and female charity will become major impetus to push for-ward large donations."

"Chinese automakers have the capacity to challenge the dominance of market leaders on the back of economies of scale and they already have an edge with the electric vehicle technology that fits well into the Indian government's vision to become a key global base for electrification," said the report quoting Amit Kaushik, managing director at the consultancy firm Urban Science.

"Chinese artists and Chinese culture have been making great art for more than 5000 years. Americans Know so little about the conitnuum of Chinese art history, how unbroken it is and how magnificent it is. So this is a way for us to show Virginia and America how magnificent the Chinese creative world has been, for millennia", VMFA director Alex Nyerges said at the opening reception of the exhibition at the Chinese embassy in Washington.