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The host city Ordos, which means "Many Palaces" in Mongolian, has achieved miraculous economic progress in recent years. Ordos' GDP has been expanding from 59.4 billion yuan (9.6 billion US dollars) in 2005 to 416.2 billion yuan (67.1 billion US dollars) in 2014.

The Silk Road Economic Belt and the 21st Century Maritime Silk Road, proposed by Chinese President Xi Jinping in 2013, are aimed at reviving the ancient trade routes that span Asia, Africa and Europe.

What really matters to China and the U.S., the world's two most important trading countries and the second-largest trading partner for each other, is not who has the privilege to write trade rules, but how to write rules together with other countries in a bid to jointly promote open, transparent and rule-based economic cooperation that benefits all. "Certainly a lot more can be done down the road," said the ambassador.

Exhibitions will also held to display their products and skills.

They will boost cooperation in trade, investment, industrial capacity, infrastructure, energy, finance and law enforcement, among other sectors, and increase cultural, educational and military-to-military exchanges, said the statement.