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China's rapidly expanding consumer market -- confident, increasingly rich and sophisticated, and willing to experiment -- offers a strong link between China and the world. It is not only the prime engine for economic growth but is a huge opportunity for international businesses, according to the report.

Chinese Ambassador to the United States Cui Tiankai said on Wednesday that the deployment won't ease tensions or thwart dangers on the peninsula, but will undermine mutual trust among all parties.

China, like many other developing countries, still lacks technical standards and specialized audit and verification systems, Li said.

China's small-and medium-sized enterprises account for more than half of the country's GDP growth and tax revenues and most of the jobs. But the financing bottleneck has become a major problem affecting their development. China has cut the reserve requirement ratio four times since the start of last year, which has substantially improved the access of small-and medium-sized enterprises to lower-cost funds.

Chinese Deputy Consul-General in San Francisco, Zhang Jianxin, said innovation and entrepreneurship will become a new highlight of sub-national cooperation between the two countries, which will contribute to the China-US relationship.