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As BRICS nations are leaders among emerging-market economies and developing countries, and also important members of the G20, joint efforts by these nations will help defend their interests in the global governance system, amplify their voice on global issues and restructure the world economic order, said Wang Lei, an associate professor with the School of Government with Beijing Normal University.

"It is necessary for countries to increase their productivity, and that can only be achieved by digitalizing the economy and productive business activities," added Cimoli.

The G20 summit that concluded early last month in the eastern Chinese city of Hangzhou has left a Chinese mark in the G20 history.

In developing its insurance market, China needs to draw upon the advanced experience of foreign countries and get foreign companies involved in this process, so that this market will be one of bigger vitality and consumers will have more options and choices. I want to tell you that in the most recent revised offer that China put to the BIT negotiations, further commitments on insurance sector opening-up were made, and I believe there is great potential for China-U.S. cooperation in this respect.

Both countries hope to tap their respective advantages in economic complementarity to upgrade bilateral pragmatic cooperation in the fields of energy, hydropower and infrastructure.