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Tariff hikes "will ripple across the global economy and that will definitely be a drag on growth," said Sarah Hunter, chief economist at Australia's BIS Oxford Economics.

Wang said the CPPCC should become an important front to adhere to and enhance the Party's leadership in all work, an important platform to apply the Party's innovative theories to unite and educate representative personages from all walks of life, and an important channel to resolve conflicts and build consensus based on the same ideology and politics.

Secondly, China will stick to opening-up and all-win approaches, and share development opportunities with various countries, Xi said, adding that China is willing to work with all sides to take the advantage of the Belt and Road international cooperation platform to inject powerful momentum into their common development.

"During China's improvement and rise to the world's second largest economy, not only the United States and China have benefited, but the whole world has benefited," Roach said.

Fifthly, greater efforts will be made to advance trade talks, Xi said.