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"China has surged to 14th place on the list of the Global Innovation Index 2019 released by World Intellectual Property Organization in July, 21 places higher than the year of 2013, thus becoming a leader among the world's mid-income economies," Shen said.

"China is making a very sensible bet here on AI. It is very well placed to take advantage of the coming AI revolution. It has a lot of data, it has lots of big tech companies which are well positioned to develop," Walsh said.

"By 2020, the bank will enter its fifth year of operations, with 100 approved members and .5 billion in investments for 45 projects in 18 countries," said Alexander.

"But the US Chamber would strongly disagree with a decision to impose sweeping tariffs," Donohue said in a statement released on Thursday.

"China has an immense goods trade surplus with the US, but the country's huge trade deficit in services reminds one of the comparative advantages of each country in terms of the manufacturing and service sectors, and demonstrates the complementary traits of their differing economic structures," Long said.