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As excess capacity has weighed on China's overall economic performance, cutting overcapacity has been high on the reform agenda. In 2016, China completed both its annual targets for coal and steel capacity reduction ahead of schedule.

As early as in 2007, Novartis established its institute for biomedical research in Shanghai, still in operation a decade later.

As a featured event of the summit, the third "INNOSTARS" preliminary competitions attracted dozens of US SMEs to compete in four areas of science, health and technological innovations, including advanced manufacturing, biopharma and digital health & diagnosis, information and communication technology, as well as energy. The 12 winning enterprises will enter the grand final in China and explore their business opportunities on the other side of the Pacific.

As a small state in its developing stage, Cambodia is in desperate need of support and investment from around the world, the two Cambodian scholars wrote in their research paper. Cambodia should embrace the BRI, since the project aligns with the kingdom's national development strategy, they added.

As a developing country, China still has shortcomings in infrastructure construction, and the Chinese government will increase supplies of public products and promote reasonable and effective investment in this area, Premier Li Keqiang said on Wednesday.