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China and the U.S. are at a crucial juncture in terms of maintaining their relations, Hong said.

The meetings are the 6th Senior Officials' Meeting and the 9th Joint Working Group on the implementation of the Declaration on the Conduct of Parties in the South china Sea (DOC).

The bank suggested China curb higher financial risks and asset bubbles with monitoring and regulations on financing products, local financing platforms and shadow banking, as well as proper steering of the real estate market.

Also, it is thanks to the same spirit of hard-work and self-reliance that both countries have achieved economic booms over the past decades, with China becoming the "world's factory" and India growing into a top IT and outsourcing hub.

NANJING, China, Aug. 17 (Xinhua) -- Chinese Vice Premier Liu Yandong met here with Cambodian King Norodom Sihamoni and Sheikh Ahmed Al-Sabah, the President of the Olympic Council of Asia (OCA), respectively on Friday.