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China on Friday announced targeted measures to boost consumption, including improving the consumer market supply and speeding up the construction of the smart consumption ecosystem, in a move to foster steady growth in the economy amid the novel coronavirus outbreak.

China set the tone of its 2017 monetary policy as prudent and neutral, keeping appropriate liquidity levels while avoiding excessive liquidity injections.

China will also support grain enterprises in "going global" and "bringing in" to make rational use of both domestic and international markets and resources.

China relied on New Zealand for its cheese imports before it cut the tariff on US cheese, but China's cheese demand has increased more than seven-fold over the last 10 years to 100,000 metric tons, according to Milk Magazine, and the country is looking to other markets. With the tariff now at 8 percent, US producers can be much more competitive in the Chinese dairy market.

China on Tuesday accused the United States of abusing its decision-making powers at the World Trade Organization by holding hostage the selection process of new members to its dispute settlement court, known as the Appellate Body.