The Silicon Valley company entered China nearly 40 years ago and the Chinese market accounted for about 21 percent of the company's global market share in 2018 financial year, said Victor Chan, VP and Laboratory Solutions Greater China general manager of Agilent Technologies.

The company is committed to long-term development in China and to cooperate with Chinese business partners to help people lead a better life in the new era for shared future, which coincides with the theme of this year's CIIE and China's high-quality development, Chan said.

Margulies, who has been working on China-US trade relations for 10 years, said more large US companies are participating in this year's CIIE and the exhibition area has also increased compared to last year. An important reason behind this is the improving business environment in China, he said.

The ease of market access for foreign companies has improved for certain industries and IP protection has also expanded in some areas. China's commitment to high-quality development especially in food safety and food products has also been very impressive, Margulies said.

He also highlighted China's improvement in governance transparency for some public commenting process for companies to participate in China's policy development and allowing companies an opportunity to comment on China's laws and regulations.

Margulies, who was previously based in Washington, said the holding of the second CIIE is of great significance at the background of China-US frictions as it shows China's determination to further open up its market by increasing import.

The trade deficit should not be the sole metric for measuring the relationship and the US government should focus more on structural issues as the two countries have different economic models, according to Margulies.

Margulies said he is still optimistic that both governments want to reach a deal and a phase one deal will help to put a floor under the relationship.