HOUSTON, May 14 (Xinhua) -- U.S.-China Innovation and Investment Summit (UCIS) is a platform for entrepreneurs of both countries to engage in B2B matchmaking, according to a Peking University official in an interview with Xinhua on Monday.

The third UCIS kicked off on Monday in Houston, attracting more than 500 participants from both countries, including entrepreneurs and investors, bringing another wave of technology and innovation investment to the city.

Peking University Science Park Vice President Wang Guocheng said the summit focuses on American businesses that have been established for two to three years and that have a good prospect of marketization.

"I believe this kind of position is accurate. These businesses need China's market, and they need something potential from Chinese development to help them grow," Wang told Xinhua.

The two-day conference will feature a range of events, including innovation forums, B2B matchmaking, company exhibits, as well as satellite activities.

The summit also serves those Chinese companies that are seeking development and transition, said Wang.

The summit will not only enable Chinese entrepreneurs to learn about the development of science and technology in the United States, but also allow for one-to-one communications with American companies. It will also showcase the advantages of different places and cities in China, providing new opportunities for international investment and cooperation.

Mutual benefit is the key in future economic collaboration between the two countries, said Wang.

"We would like to assist those businesses to reach that goal through coordinating some projects and providing them accurate services," he said, adding "both Americans and Chinese need our good market services and local teams to help them in this matter."

Supported by the Ministry of Science and Technology of China and Chinese Consulate General in Houston, the UCIS is cohosted by the China Science and Technology Exchange Center and U.S. China Innovation Alliance.

UCIS was listed as the one of the key programs in the area of science and technology under the first U.S.-China Social and Cultural Dialogue, which was co-chaired by former U.S. Secretary of State Rex Tillerson and former Chinese Vice Premier Liu Yandong in 2017.