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China has thousands of SOEs, but many have stagnated due to lack of competition. The government is improving their performance through a series of reforms, moving toward mixed ownership and market-oriented management.

China has reported some of the most significant dinosaur fossils over the last few decades. "Our international field teams have been tremendously productive over the years," Xu said.

China is planning to draw up standards on smart, internet-connected vehicles as well as autonomous driving, one of the nation's latest efforts to take the lead in the fast-evolving sector.

China is a partner, rather than a rival, and there is no fundamental conflict of interests between the two sides, he said, adding that the cooperation and consensus between them far outweighs competition and differences. He urged both sides to respect the other, seek common ground while shelving differences and keep enhancing mutual understanding and trust.

China is the largest beer market in the world. In 2015, Chinese drinkers guzzled 54 billion liters – more than double that of the United States, the second-biggest market, according to the UK Department for Environment, Food & Rural Affairs.