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China and the US account for about 40 percent of the world economy and bilateral relations between the two sides have developed and formed on the basis of differences in comparative advantages and competitive edges. The existing means of economic cooperation are a result of the trading behaviors of the producers and consumers from the two countries and a process that has been beneficial for both sides, said Liu.

China accounts for nearly half of the world's annual steel production but its development has been hampered by cutthroat competition and structural imbalances due to low industry concentration. The goal for policymakers in the last few years has been to rid the industry of its excess overcapacity and structural optimization, Wang said.

China National Machinery Industry, the nation's largest machinery maker by production capacity, is to build more research and development facilities, warehouses, home appliances and parts plants in the China-Belarus Industrial Park this year.

China Everbright Financial Leasing Co Ltd on Tuesday placed the order with the Commercial Aircraft Corporation of China (COMAC), the Shanghai-based manufacturer of the C919.

China and the United States are leading the fourth industrial revolution brought by artificial intelligence, which has shown huge growth potential and created value for traditional industries, said Kaifu-Lee, chairman and CEO of Sinovation Ventures, a leading venture capital firm at the China Development Forum Special Session in Beijing.