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NEW LOCATION, NEW PARTICIPANTS, NEW SPIRIT

Founded in 1983 as a primary intergovernmental platform to promote and facilitate bilateral trade and commerce, the JCCT has turned in a highly impressive performance report: Over the past three decades, U.S. exports to China have increased more than 50 times, and China has become the second largest trading partner of the United States from the 22nd place.

Nevertheless, the two countries, committing themselves to "building a more dynamic and effective economic dialogue," have found it necessary to "reimagine and reinvigorate" the JCCT mechanism so as to "unleash its full utility."

On Wednesday, Wang called 2014 a "year of reform" for the JCCT.

So Chicago, the third largest U.S. city that also leads the country in doing business with China and attracting Chinese investment, was chosen as a venue to host the current JCCT session. It was only the second time in history that the JCCT convened in a city other than Washington D.C. and Beijing. In 2011, China hosted the 22nd JCCT session in Chengdu, capital of the southwestern Sichuan Province.

In an even bolder move of reform, both countries' business leaders, especially those from the private sector, were invited to join the JCCT discussions this year, turning the traditional one-way talks into three-way -- government-to-government, government-to-business and business-to-business.

One extra day was added to the session agenda, but completely dedicated to events with business participation -- forums, roundtable and luncheon on investment, cooperation and some specific sectors. On Wednesday, the three co-chairs attended and addressed at least five such events.

"Yesterday we had the opportunity to hear from our respective private sectors, and today our goal was to keep their thoughts and insights in mind during our government-to-government dialogue. And I think we did just that," Pritzker said.

"This is the 25th meeting of the JCCT, but it's the first meeting of what we are calling the 'reimagined' JCCT," she added, "There was a renewed spirit and effort in this year's JCCT on both sides, and I look forward to continuing to improve this dialogue in the months and years to come."