Beijing, May 4:  The officials and representatives from the California business community on Friday took part in the third California-China Business Summit to address the rising trade conflicts between the two countries.

The summit was co-organised by Los-Angeles-based China Week and Milken Institute. Several Chinese media had covered the summit as they seemed to collectively give an optimistic view about the summit while seeming to advise caution to the Chinese policymakers.

As reported by the China Daily, California Governor Jerry Brown said at the summit that both the countries are engaged. "This meeting brings chambers of commerce and businesses together, which is really important. I pledge California will be open to business and collaboration."

The media outlet highlighted that the two countries must seek a win-win situation through dialogue than conflict while quoting Brown. Further chairman of the China Week Peter Shiao was quoted saying that the "silver lining" is that China and the US have engaged in communication "for the first time in a long time".

A China's daily editorial highlighted the warning of the International Monetary Fund about the possibly devastating impact of the trade war on the global economy.

Shia further called upon the people to come forth and preserve the bilateral trade relationship, which is "too important to fail". China's state-owned media Xinhua also quoted Brown saying China and the United States should work together to promote the global economy despite rising tensions due to the trade dispute between the two countries recently while adding, "a trade war is stupid".

The article also highlighted that China is now California's largest trade partner, the largest source of imports and the third-largest export market. It took to its official Twitter handle to say, "China and the U.S. reach agreements on some issues in economic and trade consultations in Beijing and agree to set up a working mechanism to keep close communication."

The South China Morning Post reported that Washington demanded Beijing to halt subsidies for industries under the "Made in China 2025" plan and that China should not resort to retaliatory measures against Washington. It further asked China to cut the trade deficit by at least US$200 billion by the end of 2020.

The article clearly mentioned that though the trade talks were somewhat positive no breakthrough could take place as it featured a headline saying, "No breakthrough but some consensus in China-US trade talks".

Earlier on Thursday US president Donald Trump tweeted, "Our great financial team is in China trying to negotiate a level playing field on trade! I look forward to being with President Xi in the not too distant future. We will always have a good (great) relationship! "

The two-day US-China trade talks will end on May 4. The US delegation is being led by Treasury Secretary Steven Mnuchin while China is represented by Chinese Vice Premier Liu He.