NEW YORK - Stable Sino-US relationship has fostered technological innovation in the past and a healthy bilateral relationship in the new era will continue to fuel global technological growth and benefit people around the world, said US industry leaders here on Monday.

"It's simply impossible to imagine a bright future for our planet that is not founded on a healthy relationship between China and the United States," said Brad Smith, president of Microsoft Corporation.

In a pre-recorded speech delivered at the annual Gala Dinner held by the National Committee on US-China Relations (NCUSCR) Monday evening, Smith recalled Microsoft's technological development in Chinese market after the company founded Microsoft Research Asia in Beijing in 1998.

"Thanks to Chinese talents and their country's innovative spirit, this world-class research hub has continually pushed the limits of computing," said Smith.

The research center has produced groundbreaking technologies that have fueled Microsoft's long-term strategy and its vision for the future, he said.

"That's part of the reason we've been focused on doing even more to support this vital bridge across the Pacific (China-US relationship)," said Smith.

Following Chinese President Xi Jinping's visit to Microsoft in the Seattle area in 2015, the company has deepened its collaborations with the Chinese government at different levels, and with business and academic partners, he added.

Echoing Smith, Paul Jacobs, executive chairman and chairman of the board of chip-making giant Qualcomm Incorporated, said Chinese enterprises have long been very valued partners of Qualcomm as reciprocal collaborations and activities have spanned more than two decades.

Since entering the Chinese market, Qualcomm has contributed to China's development in areas including device manufactures, equipment providers, software developers, operators and chipset foundries, said Jacobs.

Over the years, the company has fostered long-term relationships with China's leading smartphone makers including Xiaomi, Vivo and OPPO.

With an agreement on a deal worth $12 billion reached during the course of US President Donald Trump's state visit to Beijing earlier this month, the company expects to cement cooperation with the three Chinese companies to help promote their global expansion efforts.

During Trump's visit to China, the two countries signed deals worth 253.5 billion dollars, consisting of 34 cooperation agreements and letters of intent.

Looking into the future, Qualcomm sees an absolutely tremendous opportunity to work with its partners in China to shape the future of the Internet of Things, said Jacobs.

"We've established several joint ventures and innovation labs in China to accelerate these opportunities benefiting industries and companies in China and around the world," he said.

Stephen A. Orlins, president of the NCUSCR, is quite optimistic when he looks ahead to the future of the bilateral relationship.

He hopes to see Chinese investment and technology help upgrade the country's railway so that a trip from New York to Baltimore would be less than 40 minutes.

"The investment would be a bright shining example of Chinese investment materially improving the quality of life for millions of Americans including me," said Orlins.