"Each of us of the whole world would benefit if the United States and China work in complimentary ways to strengthen our respective economies," he said.

"Working together, they (the two nations) can do more to contribute towards global economic recovery and financial stability, which still eludes us five years after the crisis of 2008," said Tung Chee-hwa, a former chief executive of Hong Kong Special Administrative Region and chairman of the China-United States Exchange Foundation which sponsored the study.

The research was aiming at addressing the challenges and identifies potential solutions that will ultimately benefit both US and China in the next decade.

"Both countries want to establish a pattern of secure, high-quality, sustainable growth and employment for their people, and this study demonstrates that the bilateral relationship, built and adapted well over time, can make a material contribution to that shared goal," it said.

Zhao Weiping, the Chinese consul-general in Chicago, also attended the forum.