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Since China proposed the BRI in 2013, which refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, more than 140 countries and international organizations including Portugal have signed documents on cooperation under the initiative and substantial progress has been made in a large number of key projects, Cai said.

The year 2018 saw China launch its three-year actions in fighting the battle against poverty. Premier Li Keqiang vowed to reduce the poor population by ten million each year in all his government work reports over the past five years. He gave specific instructions on ways to push forward this work and to better manage the poverty alleviation funds.

Addressing the meeting, Wang said the formal launch of the mechanism is an important step taken by the two countries to implement the consensus reached by the leaders of the two countries, an important measure to push forward the development of all-round bilateral ties between the two countries and an important platform to realize revival of the oriental civilizations.

The celebration was cohosted by George H.W. Bush Foundation for U.S.-China Relations, US China Innovation Alliance (UCIA) and local marketing company Z LAB Global. Professionals from various industries and global markets celebrated with an evening of festivities, networking and traditional Chinese performance.

The U.S. team is willing to work with their Chinese counterpart in the next stage to maintain close communication and speed up their work in order to reach a deal that accords with the interests of both sides, they said.