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Commenting on the importance of the Xi-Obama summit, which has been held annually since the 2013 informal summit at the Sunnylands in California, Paal said he, as the first expert to propose the idea, thinks that the two leaders need "to find a way to get the mountaintop view of our relationship."

According to the National Bureau of Statistics, China had a population of 1.368 billion at the end of 2014, while India, with the world's second largest population, has about 1.25 billion people.

Secondly, the two countries should share the benefits generated by their respective reform and development policies, Xi said.

"All the major challenges facing the world can benefit from the cooperation of the United States and China, and we look forward to continuing to build on our progress," Kerry added.

"The transition will not happen overnight, as we must wait for these new leading industries to become established and take the economy to the next level," said Huang Yiping, a professor of economics at the National School of Development, Peking University. "And it will take more than a couple of years before they can begin to do so."