"Our population should understand that what China has given us is a higher standard of living. We could not have bought so many iPhones and computers and everything else at the price," he explained.

Melamed is widely acclaimed as a pioneer of financial futures. Under his leadership as chairman of the Chicago Mercantile Exchange (CME), the CME created the International Monetary Market (IMM) in 1972, the world's first financial futures exchange, and launched currency futures.

In the following years, Melamed led the CME and IMM in creating a number of financial instruments, and spearheaded the creation and introduction of Globex, the world's first electronic trading system.

Melamed played an important role in advancing China's use of futures markets and application of various financial instruments, including electronic ones.

The financial industry veteran first went to China in the early 1980s. Afterwards, he visited it twice or three times a year.

"China's been (through) a miraculous transformation in matter of three, four decades," he said, adding "that's an incredible achievement."

"Never before in history have we seen this kind of transformation," he noted.

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