The working relationship between businesses in China and the United States has been described as better than it has been in decades.

U.S. commerce secretary Wilbur Ross was speaking at the inaugural China-U.S. Business Leaders’ Summit held in Washington, DC

Twenty business leaders from China and the United States met to set up an annual dialogue for the purpose of offering solutions to pressing challenges in the China-U.S. economic relationship.

“Our presidents have struck up a strong relationship since meeting at Mar-a-Lago,” said Mr Ross. “They have charged us with resolve on trade and economic issues through new comprehensive economic dialogue. Trade discussions normally are denominated into months or years, not days. Together we made concrete progress in just 40 days. We agreed to many beneficial changes, including the resumption of U.S. beef shipments to China after a 14-year ban. But still, a lot of work remains. “I’m hopeful about our opportunities for further success,” he added.

“Your involvement will be crucial, because we all know the government can only put into play the conditions necessary in growth and innovation, and the private sector that is best equipped to carry the ball across the goal line.”

The Chinese and American business leaders discussed agriculture, energy, manufacturing and financial sector in their one-day summit.

They agreed that as the largest advanced country and the largest developing economy, the United States and China have significant economic complementarity and therefore have huge cooperation potentials.

“The two countries have developed far past a simple trade and investment relationship,” said Alibaba founder and chairman, Jack Ma.

“It is much more than Made-in-America or Made-in-China. Our relationship today reflects deep business partnership, where capital, people and ideas have fully connected and integrated.”

The summit attendees also agreed that China would host the second China-U.S. Business Leaders Summit in 2018.