DALIAN - Despite twists and turns, Sino-US economic and trade relations are sound, and the world's top two economies have formed an inseparable community of shared interests, Premier Li Keqiang said Wednesday.

He made the remarks when meeting with world business leaders during the Annual Meeting of the New Champions 2017, also called Summer Davos, in the northeastern coastal city of Dalian.

Bilateral trade has expanded from around $1 billion, before diplomatic ties were established, to over $500 billion in 2016, he noted.

Stable China-US relations not only benefit the people of both countries, but are also a boon for world peaceful development and cooperation, he said.

"No matter how our domestic situation changes, we firmly believe that despite the twists and turns, we continue to move on," Li said.

From Tuesday to Thursday, around 1,500 politicians, officials, entrepreneurs, scholars and media representatives from over 90 countries and regions will discuss topics spanning inclusive growth to the new industrial revolution at the Annual Meeting of the New Champions 2017, also called Summer Davos.

Established by the World Economic Forum (WEF) in 2007, the summer forum is held each year in China, alternating between the port cities of Dalian and Tianjin.