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The U.S. Section 232 measures are "trade protectionism in the name of 'national security'," the MOC said.

A free trade port is the world's most open form of economic zone, which has brought prosperity to places like Singapore and Hong Kong thanks to its broad-based preferential policies on trade and investment.

Debt-to-equity swap programs were highlighted for SOE deleveraging during the meeting.

All eyes are on Chinese President Xi Jinping, who will address the annual conference of Boao Forum for Asia (BFA) on Tuesday and is expected to flesh out plans for expanding reform and opening-up.

Beijing and Washington will also hold the Law Enforcement and Cyber Security Dialogue, the Social and Cultural Issues Dialogue, and the Comprehensive Economic Dialogue in 2018.