Developing nations need shift to balanced growth

The United States is buying less from China, he said. That's due to a combination of reduced demand and a more cost-effective and competitive domestic supply structure, which has made it difficult for Chinese companies to export as much as previously, he said.

In an interview with China Daily during the CIFIT, which concluded on Wednesday, Dahl said massive domestic demand in China will help offset the global decline in sales for Chinese exporters.

"Luckily, China has unlimited demand in its domestic market, and it can refocus on the domestic market, which is of great importance to help drive the country's economic development," he said.

China has many challenges in the environmental and social sectors after its "miracle development" of the past three decades, but the outlook for the country's economic development remains strong, according to Dahl.

"Investment and reform are critical, which will make China able to maintain a strong economic performance in the future," Dahl said.

China's economy has shown signs of stabilization in recent months after a growth slowdown, signaled by larger-than-expected rebounds in trade and economic statistics showing manufacturing regaining momentum. Dahl added that investing abroad will help China achieve sustainable gains in the global market.

"As far as you want to be successful in the US in the long term, I think that a secret there is to establish manufacturing in North America. Not from China, but from Mexico and the southern US, where you can buy cheap land, transfer your technology and start serving the North American market from there," he said.

Dahl said Chinese industries need to develop their capability in sales, marketing and branding, areas in which they're not strong.