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China denounced the United States' latest threat to impose tariffs on an extra 0 billion worth of Chinese imports as "totally unacceptable" trade hegemony and bullying, and vowed on Wednesday to fight back to protect its "core interests".

China has entered Toufu yesterday, the first phase of Sanfu. In the Chinese lunar calendar, Sanfu refers to the periods that are predicted to be the hottest days of the year, which are called Toufu, Zhongfu and Mofu.

China can also use its huge market, rich human resources and institutional advantages to achieve a higher level of opening-up and enlarge its trade volume with other partners such as the Association of the Southeast Asian Nations, the European Union, Russia and Brazil, said Yu Miaojie, an economics professor at Peking University's National School of Development.

China has about 26 trillion square meters of shale gas reserves, the largest in the world. It began extracting the resource in 2011, with Sinopec building its first shale gas well in Hubei province.

China expects both sides to meet each other half way and earnestly implement the economic and trade consensus reached by leaders of the two countries, promote healthy and stable development of bilateral economic and trade cooperation, and make efforts to achieve common prosperity between the two countries and in the region, Gao said.