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China is building a unified credit information platform to pool the information from different government agencies and local authorities and to establish a complete credit record of companies, according to Xu.

China is ready to work with the European Union to further the bilateral comprehensive strategic partnership and promote the social and economic development and the public well-being of both sides.

China is expected to invest up to twice as much as the US, or 8 billion (4.5 trillion yuan), in the back end of the research and development (R&D) chain by 2018, focusing on translating basic and applied research into commercial products and new manufacturing processes.

China is the third-largest export market for Michigan, trailing Canada and Mexico, according to Connors.

China has seen a stable and fast growth of the new economic index since 2014, and saw a growth rate of 28.7 percent last year.