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Jin Zhijian was appointed ambassador to Iceland, replacing Zhang Weidong.

Joining the forum were Chinese and US government officials and more than 300 senior business executives and financial professionals who discussed investment trends in China's bond and equity markets and cooperation in US infrastructure.

Joint platform created to resolve problems 'in a timely manner'

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Jointly organized by the Chinese Embassy and the Confederation of Young Leaders, the event offered a platform to exchange views, learn from each other, enhance mutual understanding and friendship and was attended by more than 150 participants from both sides.

Jin Zhongxia, executive director for China at IMF, said the rapid increase of corporate debt in China during a period of time needs to be properly analyzed, citing recent discussions in China regarding the nature of the country's corporate debt.

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Johnson, who holds the Freeman Chair in China Studies at CSIS, added, "Obviously, it does change the sort of tone of things."

Jin Keyu, a Chinese economist at the London School of Economics, said in a video address, " (In today's world), it's less about competition, rivalry, and substitution, and more about collaboration, complementarity, and cooperation."

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Just last month, Amazon unveiled another concept in its ongoing expansion of physical retail offerings with the opening of Amazon Fresh Grocery in Woodland Hills, Calif. That type of store does not rely on the elaborate infrastructure and surveillance-style shopping that Amazon Go uses. Instead, Amazon rolled out a smart shopping cart that uses cameras, sensors and a scale to automatically detect and log items on a digital display. The technology still makes it possible for shoppers to leave the store without going through a traditional checkout line.

Jin, the Smash founder, said the company's main clients are age 20 to 35 and they are mainly students, or work in internet technology or advertising.