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"China's relative successes in dealing with two major global crises in the past dozen years certainly stand in sharp contrast with the approach of other leading nations," he said.

"China's economy will need to rely increasingly on domestic demand to sustain rapid growth," it said in the May edition of the China Economic Update.

"Commodities trade is, by nature, a global business, and trade along the Belt and Road will, in time, grow. That's why we are preparing ourselves early, to make the most of the opportunities," he said.

"China, over the past 10 years, has seen rapid growth in the IoT industry and the enterprises involved, but it hasn't gained an explosive momentum," said Ye Tianchun, director of the Institute of Microelectronics at the Chinese Academy of Sciences.

"Cooperation between China and the US not only leads to a win-win situation for the two countries but also benefits the world economy, while confrontation only causes damage to both sides," he said.