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"Every year, we make laudable commitments -- but they are not backed with the requisite financial and political support. We repeat statistics about the sustainability of inclusive peace processes -- but that is not how we mediate most conflicts," he said.

"Despite the slump in China's new car sales last year, PICC's premium income from motor vehicle insurance totaled 258.9 billion yuan, up 3.9 percent compared with the year before," Bai added.

"Economics says the differences are incredible assets – comparative advantages, division of labor, all stuff you read in economic textbooks says you should leverage differences," said Garrett, a native of Australia specializing in international political economics who also has been a professor at Oxford, Yale and Stanford universities.

"Do you know what year it is?" Stephanie Stebich, director of the SAAM, asked the audience in her opening remarks.

"Despite these challenges, China's industrial growth rate remains within this year's target range of 5.5 to 6 percent. That is faster than most developed and developing countries," Qin said.