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Another key problem is that the US has developed a political and economic elite that has no connection to manufacturing. The type of work rewarded by a society is an indicator of what it values.

Another report from market research company Strategy Analytics said that China continued to be the main market driver for 5G smartphones globally despite the epidemic.

Another example Nedelskiy mentioned is Shanghai STEP Robotics Co Ltd, which has cooperated with a Russian enterprise to produce industrial robots in Russia's Novosibirsk.

Animated discussions broke out on social media between regulators, professionals and experts in the financial industry about the development in China of blockchain, a digital ledger system that uses sophisticated cryptographic techniques to create a permanent, unchangeable and transparent record of exchanges to trace transactions.

Another important consensus the two countries gained is that they should continue to deepen cooperation over the Belt and Road Initiative and "be good neighbors, good friends and good partners forever", Hua said.