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As an expert in regional economy, Woodward has witnessed that Chinese investment, along with other foreign direct investment (FDI), has played a fundamental role in upgrading the economy in South Carolina.

As excess capacity has weighed on China's overall economic performance, cutting overcapacity is high on the reform agenda. In 2016, China completed both its annual targets for coal and steel capacity reduction ahead of schedule.

As both countries are at a crucial period of development, he said that they should find a proper solution to their historical grievances, discard a zero-sum game mentality, avoid unilateral action, and settle disputes peacefully to jointly maintain peace and stability in the region.

As expectations of a US rate hike strengthened, yields of US treasuries went up during the holiday week, driving the decline in stocks worldwide, according to Yuanda's analysis.

As a result of fiscal expenditure gaps, the crisis is likely to exacerbate inequalities among countries in the Asia and the Pacific, it said.