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British luxury brands Jaguar and Land Rover reportedly made cuts of up to 20,000 yuan to the prices of their vehicles.

British banks and insurance companies will also face less barriers to enter China's financial markets, he said, adding that the new FTA will also boost people-to-people exchanges, two way investment in services and high-end manufacturing sectors between the two nations.

Both sides have been accelerating the momentum of exchange programs in the area of culture and people-to-people communications, the ambassador said.

Bu Jianjie, formerly senior director at a China Shipbuilding Industry Corp research institute, has been placed under investigation for alleged graft, the authorities said on Monday.

Brinley said GM would be unlikely to move production of the Envision from China to the US if the waiver is declined.