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Tak Niinami, CEO of Suntory Holdings, said on the sidelines of the dialogue that China already has taken steps to open up its financial sector to foreign businesses. "It is evident that the Chinese government has provided a lot of impetus to foreign investment, especially in the financial sector," he said.

Technicians work on an automobile production line of Toyota in Tianjin's Binhai New Area. [Photo by Tong Yu/for China Daily]

Tang Jin, senior research analyst at Japan's Mizuho Bank, also said in an article on The Nihon Keizai Shimbun that Japanese companies have become a significant part of the Chinese supply chain with their dependence on the huge Chinese market.

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Talking about challenges, the China expert said: "If policymakers can take the long-term view, it's very clear that the opportunity for a very fruitful collaboration and serious innovation breakthroughs involving both the United States and China in ways that are mutually beneficial is extraordinary and really limitless."

Take a lotus-leaf-like pancake, smear it with some special fermented flour sauce, place slivers of roast duck, cucumber and shallots on it and roll it up. It's the traditional way of eating a Peking roast duck.

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Tariffs on these goods should be lowered or cut to zero, while border measures as well as measures within the borders should be relaxed to facilitate the smooth flow of needed supplies among the three countries.

Talking about the differences between China and the EU on some specific issues, Zhang said that given their different history, culture, national conditions and developing levels, it is normal to have different views.

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Tang Xiaoliang, chief brand officer of Shenzhen Skyworth-RGB Electronic Co Ltd, which is a subsidiary of the Skyworth Group, said the company is bullish on the prospect of the OLED TV industry.

Tariffs and finger-pointing should cease, as "they do not do any good, and it's not helping", Wunderman said. The relationship with China is "pervasive", and "we should not treat China as an adversary", he added.