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Both sides should better align development strategies, deepen mutually beneficial cooperation, and strengthen people-to-people exchanges, Xi said, adding the two countries should promote infrastructure construction and production capacity cooperation within the frameworks of the Belt and Road Initiative and the FOCAC.

Business analytics firm IHS Markit reported that 80 million smart home devices were delivered globally in 2016, up 64 percent from 2015. The number of units delivered is expected to increase to around 130 million in 2017, up another 60 percent year over year.

But China is fully prepared and is capable of bridging the gap in reduced supply from the US through various measures, including increasing imports from other countries, promoting alternatives to animal feed made of soybeans in the poultry and husbandry industries to reduce domestic consumption of soybeans, and increasing domestic planting of soybeans, he said.

British trade union Unite welcomed the news, noting that British Steel employs 5,000 people in the UK and Europe, and supports a further 20,000 in the supply chain.

Brick-and-mortar retailing is in deep trouble as evidenced by major companies filing for bankruptcy protection, including J.C. Penney, Pier 1 Imports, Modell's Sporting Goods, J. Crew, Men's Wearhouse, Brooks Brothers, and Neiman Marcus.