The US-China Business Council (USCBC) that groups major US firms doing business in China, said Friday that the two countries need to beef up efforts to advance economic ties.

"The relationship has grown significantly over the past three decades thanks to the collaborative work of the governments, business communities, and other stakeholders in both countries," its president John Frisbie said in a statement.

Muhtar Kent, chairman and CEO of Coca-Cola, a USCBC member, said the United States and China have a tremendous opportunity to build stronger economies and improve people's lives through joint efforts.

The council pointed out that more work needs to be done to develop commercial ties between the two countries.