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"China does not want a trade war with the US," Wang Shouwen, vice-minister of commerce, said at a news conference on Wednesday afternoon. "But China is not afraid of one."

"China is in a quite strong position," Albert Keidel, a senior fellow at the Atlantic Council, a US think tank, told Xinhua in a recent interview while commenting on China's economic performances.

"China and Pakistan will always support each other on issues involving each other's core interests, and safeguard common interests of the two countries as well as other developing countries," Xi said.

"Capital market development has become more important than ever," Li said, adding that the registration-based new share sale reform lies in at the core of capital market reforms, as it will give full play to market forces in supporting innovation.

"But we have to acknowledge that there would be no need for such a dire economic response if we had managed to improve our healthcare response sufficiently," he added.