Despite an end to China's decades of two-digit growth, those attending an economic roundtable in Beijing on Wednesday expressed optimism concerning growth and greater Sino-US cooperation.
"It (the 'new normal') is realistic," Bob Holden, chairman of the MidWest US-China Association and former governor of Missouri, said at the China-US Entrepreneurs Roundtable.
China could not continue to grow at its previous pace and "I think it's important for all of us outside of China to also work with China's leadership to make sure that growth continues," he said.
The economy has entered the "new normal" phase, referring to the push for growth driven by domestic consumption rather than exports and infrastructure.
The world's second-largest economy's growth target this year is around 7 percent, robust by global standards, but still the slowest rate in a quarter of a century.
Fan Bi, a senior official from the State Council Research Office, said China, with a higher-quality economy, well-educated labor and a sound industrial system, remains an ideal destination for investment from the developed countries.
Economic cooperation between China and the United States has evolved, but is still hampered by insufficient trust, said Fan.
He urged entrepreneurs from both countries to play a constructive role in the ongoing talks regarding the Bilateral Investment Treaty.
The roundtable is part of the 8th China-US High-Level Political Party Leaders Dialogue, which involves a US bipartisan delegation led by former US Trade Representative Ron Kirk and former US Secretary of Veterans Affairs R. James Nicholson discussing various issues with the Communist Party of China.
Wang Jiarui, head of the International Department of the Central Committee of the CPC, said on Wednesday he expected this dialogue to boost mutual understanding and trust, and to help build of a new model of major-country relationships between China and the US.
This type of relationship is high on President Xi Jinping's diplomatic agenda. Xi is scheduled to pay his first state visit to the US in September.
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