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China also intensifies effort to shorten process of patent, trademark reviews

China Securities researcher He Yanqing said the tourism market will need a quarter to two quarters of recovery time to restore operations to pre-epidemic levels.

China and the US account for about 40 percent of the world economy and bilateral relations between the two sides have developed and formed on the basis of differences in comparative advantages and competitive edges. The existing means of economic cooperation are a result of the trading behaviors of the producers and consumers from the two countries and a process that has been beneficial for both sides, said Liu.

China and the member states of the Shanghai Cooperation Organization, especially Russia, Kazakhstan and Uzbekistan, play complementary roles as importer and producers of natural gas, with China seeing surging demand in the domestic market, said Li Li, energy research director at ICIS China, a consulting company that provides analysis of China's energy market.

China advocates and supports a multilateral trade system, the ministry said, noting that to suspend tariff concession on US imports is a just move to safeguard China's interests using WTO rules.