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"Considering the scale of banks in China, they should play a more important role in fintech innovations," he suggested.

"China's economy needs to rely increasingly on domestic demand instead of external demand to sustain growth. Meanwhile, it also needs to accelerate the push for moving up the value chain and cut its traditional reliance on low-end goods output," said Ying.

"Cohesive and responsive ASEAN" is selected as the theme for the bloc in the year of 2020.

"Companies in China are in a phase of transition from a more mature product business to an increasingly innovative one," he said.

"China right now is our fifth-largest market," he said, noting that the biggest challenge facing US exporters to China "is a lack of cold chain infrastructure-shipping, storing and serving the beer cold," Pease said.