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He said that market players, especially small and micro business, would have a clear sense of tax cuts and fee reduction this year, and that the big job of tax cuts would be well done.

Firms in China that import, produce or use the relevant products, or the industrial associations of such firms are eligible to make an application.

"I am very optimistic that we will have more value-added cooperation with Chinese firms under the BRI," Chung said.

By the middle of the century, China will meet the goal of realizing the comprehensive integration of urban-rural areas and rural revitalization and basically realize the target of achieving shared prosperity for everyone.

Based on an estimate of the effect of having additional tariffs on 200 billion U.S. dollars worth of Chinese goods, Liang said the United States still needs to import a majority of the goods from China. But most of the Chinese products involved are less dependent on the U.S. market, and can be exported to other markets, Liang noted.