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The sides agreed that local cooperation is the priority for bilateral ties in the next 10 years. Legislative institutions of both countries need to contribute more to promoting local cooperation and economic development, they believe.

While global giants like Apple and Samsung Electronics dominate the high-end market, domestic smartphone makers such as Huawei and Xiaomi Technology have eyed middle- or low-end markets with lower-priced products.

Xu said that these problems have led to higher product procurement costs, which have not only hampered the growth of the industry, but have also added to consumer spending on medicine.

Beijing was battered by the heaviest rain in six decades on July 21. Average precipitation hit 170 mm, while a township in the suburban district of Fangshan recorded 460 mm of rain.

"The free trade agreement was signed four years ago and while some businesses have taken advantage of the opportunities, we have barely scraped the surface. And it's not just the large companies which can benefit from trade with China; there are excellent opportunities for businesses of all sizes," he added.