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Xiaogang initiated the share-holding reform in 2016, after villagers turned their rights in collective operating assets and intangible assets -- a total capital amounting to 30.26 million yuan (about 4.8 million U.S. dollars) -- into shares in a collective.

"If the cost of the American products rises, we will shift our imports to other countries which will be a blow to American manufacturers and farms," he said.

Guo has been the chairman of the Digital Belt and Road Program which was initiated in 2016 by Chinese scientists in cooperation with experts from 19 countries and seven international organizations.

The regulation included revised rules on soldiers' using mobile phones, the Internet, new media, and online shopping.

This tit-for-tat scenario poses a risk for global trade, he said, with the global stock markets as an example, which have plunged since Thursday in response to the growing economic policy uncertainty.