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China has already shown its determination to put its foreign trade on a firmer footing, said Wei Jianguo, vice-president of the China Center for International Economic Exchanges. The country also has increased moves to accelerate the pace of its reform and opening-up, especially to further safeguard intellectual property rights, expand market access, increase imports from the US and make the business environment even more transparent and fairer, Wei said.

China has also repeatedly invited the German side to send a delegation to China for cyber consultations, but they never sent it, said Hua.

China has become the world's second-largest economy and, although it still needs to catch up in competitiveness, it is quite capable of making the US pay a heavy price if the Trump administration is not just posturing and does begin to match its words with actions.

China has abundant mineral resources in the ocean, requiring deep sea technologies to excavate. The Times cited a report from the Ministry of Land and Resources that there are 88 billion tons of rare earth materials, a billion tons of cobalt, and three trillion tons of polymetallic nodules under the sea floor.

China considers APEC cooperation to be very important and hopes to work with all related parties to make sure APEC continues its important role in economic cooperation in both the Asia-Pacific region and the world, he added.