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"China has switched to a consumption-driven growth model. As personal incomes continue to rise and domestic consumption keeps being upgraded, the retail banking business has enormous growth potential," he said.

"China becomes more self sufficient in chipmaking and it will make it difficult for western suppliers. That's the nature of business and competition. We think it's a good thing because it forces innovation on both sides of the ocean," Bingham said.

"China is such an innovative country, we need to invest more here and some of the innovations in China can later work in other countries. There will be more technology innovation going from East to West.

"China has repeatedly stated its position on the so-called arms control negotiation with the United States and Russia. China has no interest and will not be part of it," the ambassador stressed.

"China must identify and seize new opportunities to transform traditional industries, foster new sectors and step up the building of a modernized economy," Liu said.