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"China only needs 6.3 percent year-on-year growth to achieve its target of doubling GDP by the end of 2020 from a decade earlier as scheduled," he said. In the 2020s, China's economic output is likely to grow at moderate pace, by around 5 to 6 percent year-on-year, according to Liu.

"China has made big strides in fostering a better business environment," said Sheila Xu, associate director of global business development at TMF Group, a leading global professional services firm.

"China is already the largest market for electrified vehicles, offering us unprecedented opportunities to develop new types of traction motors, which are the most important element of an electric vehicle's powertrain," he said.

"China is willing to work with the US to build a robust, stable and healthy trade and economic relationship," she said, "and we believe this conforms to the interests of both countries and their people, as well as global expectations."

"China places great importance on science, technology and innovation. The country follows an innovation-driven development strategy, encourages entrepreneurship and innovation nationwide and fosters sustained economic development and higher living standards."