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"China has the global competitive edge in terms of labor-intensive products, while the US has the global advantage in terms of skill-intensive products and service industry," said Xu Hongcai, an economist with the China Center for International Economic Exchanges.

"China has a rich pedigree of bringing innovations to the world. It has also established itself as the global manufacturing center, with an in-built ambition to be the world leader in many technological breakthroughs," said New.

"By officially introducing the world's payments giants such as PayPal to China, the People's Bank of China is hoping that domestic payment service providers will raise compliance awareness and enhance capabilities to ensure their operations fully comply with regulations through greater competition with their international counterparts. It may be more effective than simply relying on regulators and law enforcement agencies to fight against payments market irregularities," Zhao explained.

"China is actively participating in global health governance and promoting the building of a shared community with a common destiny, as well as helping developing countries to achieve their universal healthcare goals," said Ma, who is leading the Chinese delegation at the assembly.

"China is shifting from producing inefficient and dated vessels that are clogging up Chinese shipyards to investing heavily in the rapidly growing market of LNG and liquefied petroleum gas or LPG carriers, as well as marine fishing ships, law enforcement vessels, large icebreakers and chemical tankers," said Chen.