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Chen Zhijiang, a senior official with the State Administration for Market Regulation, said at a news conference in Beijing on Thursday that special investigation teams were set up to tackle boosted prices regarding fabric used for making facial masks and non-contact digital thermometers.

China Association for International Exchange of Personnel held a reception in London last week to mark the 30th anniversary of the founding of the association's UK office.

Chen made the remarks at a news conference on the sideline of the second session of the 13th National Committee of the Chinese People's Political Consultative Conference on Tuesday.

Chen Yuan, chairman of the CF40 Executive Council and former vice-chairman of the Chinese People's Political Consultative Conference, cautioned that China needs to prepare for long-term disputes, including in the field of finance.

Chen reiterated China's stance of not wanting or fearing any trade wars and said the country has confidence and capability in dealing with any challenges.