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He added that so far, China has registered far-reaching and multifaceted achievements in building a moderately prosperous society.

He also said the US was "capricious", as the two sides had achieved a positive outcome in the agriculture and energy sectors during talks in both Washington in May and in Beijing in early June, but the US has been "acting unpredictably" with its policymaking and holding "big sticks" for negotiations.

He also noticed that the legislation explicitly prohibits forced technology transfer by administrative measures and essentially bars local governments from interfering with national foreign investment policies. Therefore, the investment protection clauses in the law will be "gladly welcomed by foreign businesses," he noted.

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He added that the British government ignored calls for direct elections after World War II.

He added that he himself, a former professor, represents the provincial government on the board because provincial government regulations say there can be no government officials in such mixed-ownership companies.

He added that the presence of local and multinational companies engaged in R&D and knowledge commercialization could create a new set of agglomeration dynamics－cost savings－to drive a great technological leap in Shanghai.

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He Nanye, a researcher with the Suning Institute of Finance, attributed the optimism to the country's tax cut, pro-growth policies and economic resilience.

He and other senators had received closed-door briefings from U.S. public health officials on the risk posed by the coronavirus, before most Americans were warned about the potential economic fallout of the pandemic.

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He also disclosed that in the first quarter of this year, the firm had spent nearly 100 million yuan ( million) in research and development.

He also said its restrictions on some items exported to China will expand the gap.