Larry Summers said nations must move "past the idea that the prosperity of one country is a threat to the prosperity of others".
In the first-ever international summit on the teaching profession, China was recognized for improvements to its quality of teaching.
China's commitment to boosting domestic consumption will provide opportunities for US firms.
Chinese Internet security software provider hopes to raise $200 million.
Chinese Internet security service firm, Qihoo 360 Technology Co, said it plans to raise up to $200 million in an initial public offering in the United States.
US government officials returned 14 ancient artifacts to China on Friday that had been confiscated by law enforcement officers from traffickers.
US Secretary of State Hillary Clinton on Thursday sent a condolences message to China for the recent earthquake in Yunnan that killed dozens of people.
US President Barack Obama said Commerce Secretary Gary Locke will help strengthen relations with China as he announced his nomination as the new US ambassador to China on Wednesday.
As the first of its kind, the Beijing-Shanghai High-Speed Railway will provide high speed Internet for commuters.
Gary Locke will help strengthen the US' relationship with China, said Barack Obama.
Price hikes to China's consumer goods are partly rooted in the rapid growth to the US' supply of money.