He said China's industrial policies have succeeded in improving the innovation environment in the country while creating a win-win system for the whole world.

To some extent, the progress China has made in innovation proves the country has advanced in the protection of intellectual property rights, Xue said, adding that cooperation between China and the US will benefit all, and the world would suffer otherwise.

In Ju's view, the current Sino-US trade tensions could break stability in the global value chain and currency system, which is underpinned by both countries.

Ju said if the two sides place enterprises which play important and systematic roles in the global value chain on the "Entity List" and halt their operations, the result will be a breakdown of the whole value chain and an ensuing collapse of global financial system.