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He said that larger tax cuts will be helpful in improving the country's income distribution system and the tax structure and better serve China's current macro policy.

Liu Yongtan, an academician of the Chinese Academy of Sciences and the Chinese Academy of Engineering (CAE), is from the Harbin Institute of Technology, and Qian Qihu, a CAE academician, is from the Army Engineering University of the People's Liberation Army.

"We need to respect each other's independent choice of social systems and paths of development, and accommodate each other's core interests and concerns," Cui said, adding that "whether on economic or security issues, we can always find a way out if we address the differences with candor and good faith, based on mutual respect and common interest."

In 2018, Guangdong, a major hub for foreign trade, attracted tens of billions of dollars of investment in petrochemical projects from Germany chemical company BASF SE and U.S. energy giant ExxonMobil. Foreign companies including Toyota, Shell and Hitachi also expanded their investment and production in the province.

Ben Randol, a senior foreign exchange strategist at Bank of America Merrill Lynch, also believed that the global foreign exchange (FX) market and other asset classes have recently been "infused with optimism about a U.S.-China trade deal," which has led to a declining tendency in the dollar.