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China's Ministry of Finance quickly countered on June 16 with its own 25 percent tariff on 659 US products worth up to billion that include items such as soybeans, beef, whiskey, electric cars, chemicals and energy products.

China's Hushen 300 Index futures closed lower on Monday, with the contract for February 2018 down 0.15 percent to finish at 4,264.0 points; the March contract losing 0.25 percent to close at 4,267.6 points; the June contract down 0.44 percent to finish at 4,286.4 points, and the September contract down 0.48 percent to finish at 4,291.6 points.

China's biggest achievements over the past four decades include the country's shift from a planned economy toward a socialist market economy.

China will establish authoritative, unified and accessible credit records of all market players, based on their social credit codes, to boost government oversight, the State Council decided at an executive meeting last week. According to a statement released after the meeting, the government will step up oversight of the social credit of businesses to ensure fair competition and reduce the cost of market transactions.

China's Ministry of Finance announced on Wednesday it will start the bidding for 5 billion yuan (0 million) in yuan-denominated treasury bonds on July 5, and the bonds will be issued in Hong Kong in the near future.