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China hopes that the US can take a serious attitude about going back to the negotiating table and ensure that negotiations are meaningful, said Lu.

China has vowed to take substantial efforts to further open up its financial sector to foreign investors. It has, for example, allowed foreign enterprises to take as high as 51 percent of shares in Chinese securities, fund management, futures and life insurance companies and the cap will be eliminated in 2021.

China has rolled out an array of measures to significantly broaden market access since the beginning of 2018, a year that marks the 40th anniversary of the country's reform and opening-up policy.

China has remained the world's largest new energy vehicle market for three consecutive years, as the country intensified efforts to encourage the use of such vehicles to ease pressure on the environment by offering tax exemptions and discounts for car purchases.

China has strengthened financial regulation to prevent risky and irregular financial activities from incurring systemic financial risks, leading to credit contraction that has affected the corporate sector's access to bank loans.