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"China should stick to its policy of reform and opening-up to cope with the impact from changes in the global economy," said Zhang Yuyan, director of the CASS institute.

"China's fast-growing digital economy has sharpened the country's competitive edge in industry and created favorable conditions for foreign businesses to invest in more areas," he said, adding that 4G-and 5G-based digital infrastructure is a solid foundation that facilitates rapid growth of artificial intelligence, big data and diversified online services.

"Considering the scale of banks in China, they should play a more important role in fintech innovations," he suggested.

"Cooperation is the only choice for China and the US, and a better future could only be achieved through win-win cooperation," said Yuan Hao, commercial consul for the Chinese Consulate General in Los Angeles, who spoke at the event.

"Cube drew great interest and good feedback from system integrators, governmental authorities," said Hans Yu, founder of Counect International. The device has been used by the Malaysian government to monitor sales and taxation, in addition to utilization in more than 60 Chinese cities, said Yu.