"Technology is the heartbeat of growth for both China and the U.S.," Dr. William Lee, chief economist at the Milken Institute, told CGTN Dialogue, adding that the only constraint to the development is the ability to develop and apply technology.

He believes that the core challenge facing China and the U.S. is how to get the world's two largest economies to cooperate in the technological field and shape the framework of the 21st century.

"It'll be probably above 2.5-3 percent for about six months to a year. But then, as the Federal Reserve forecast suggests, it'll come back down to that two percent or even below in the next three to four years," William said.

Dallas Federal Reserve President Robert Kaplan predicts inflation rate is likely to rise to between 2.25 and 2.5 percent in 2021.