Dan Steinbock, research director at the India, China and America Institute, said reform established by the Third Plenum will take time to be executed and take effect mostly in the "medium-term".

"To both sides, then, it is not yet the reality of the reforms that's decisive; it's too early for that. Rather, it's the intention, direction and the early experiences and pace of the current reforms that really matters," said Steinbock.

"From the US perspective, the determination and direction of the reforms will make China an even more attractive trade and investment partner; from the Chinese perspective, only the broad and deep implementation of the reforms will support the growth transition from investments and net exports toward consumption and innovation in the mainland," he added.

On the political and bilateral relations side, the world's two largest economies have moved forward by conducting different talks.

Both countries said they are ready to implement the consensus reached between presidents Xi and Obama following the two leaders' meetings at Sunnylands in California last June.

In December, the two countries concluded their annual trade talks, agreeing to remove some trade barriers and build a foundation for a new model of super-power relations.

The Joint Commission on Commerce and Trade (JCCT), which marked its 30th anniversary last December, has witnessed soaring bilateral trade, totaling $500 billion last year from $4 billion 1983 when it was launched. The discussions covered 40 topics in trade and investment and reached tangible results, according the Chinese Foreign Ministry.

Carlos Gutierrez, former US Commerce secretary, who now serves as a vice-chair of global strategy firm Albright Stonebridge Group, said even these talks don't get into a lot of specificities, it is important to reach "broader agreements".

"You have some people who are critical, and they want to see something just more than broad, but they don't understand that the important thing is to agree on a general direction then the details happen," Gutierrez said in an interview. "Every year we were making progress - maybe the words sound familiar but the execution was moving ahead - so this is a continuation," noted Gutierrez, who participated in the JCCT during his term between 2005 and 2009.

"The top issues were issues during my time, so that means they are still around because they will take different shapes," Gutierrez said of the recently-concluded JCCT.

Bilateral talks made further progress last July when the two countries announced at the close of the fifth US-China Strategic and Economic Dialogue their intentions to negotiate a US-China Bilateral Investment Treaty (BIT) that would cover all stages of investment and sectors.

The current round of BIT negotiations is being held in China and still is at "an early stage in the negotiations", according to a US State Department spokesman without further details.

"A successful high standard BIT negotiation would support an open global economy by facilitating and protecting investment and enhancing transparency and predictability for investors of both countries," said the spokesman, who asked not to be named.

Robert Kahn, a senior fellow for international economics at the Council on Foreign Relations (CFR), said State-owned enterprises, market access and property rights are major issues that the two sides should focus on in this ongoing BIT.

Heading into this year, another major talk that trade and investment experts are watching closely is the Trans-Pacific Partnership (TPP).

The US-led trade pact TPP - now with 11 other members ranging from Australia and Peru - was a regional free trade agreement among Chile, New Zealand and Singapore back in 2005. Japan and Mexico were among recent members of the trade pact that aims to promote trade, innovation and economic growth. China said last year it will study the possibility of joining the talks.

Justin Yifu Lin, former senior chief economist with the World Bank, said it is generally beneficial to join the pact because its role is getting more important in the global economy. Because of the size of the Chinese economy and its active dynamics in trade with other countries, it should "certainly participate in the discussion about the new trade framework", said Lin.