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"But I think as a symbol, the feedback that we receive in our dialogue throughout the region is that the regional partners regard this step by the Chinese in the midst of what has otherwise been a remarkable growth in their military capability as significant, " he said.
BBC: US says China's navy has been less aggressive in 2011
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The move is seen by some Chinese economists as another step towards the renminbi becoming a major international currency, People's Daily reports.
BBC: China media: Remembering Margaret Thatcher
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Jaguar Land Rover, a British carmaker owned by India's Tata, took the first step towards setting up a manufacturing base in China by proposing a joint venture with Chery, a Chinese car company.
ECONOMIST: Business this week