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China responded to the US tariffs announcement, with the Ministry of Commerce saying it will take immediate countermeasures on US products with equal force and scale.

China revised the Criminal Law in 2015 and introduced a new crime called "infringement upon a citizen's personal information". The law stipulates "serious" violations are punishable by prison sentences of up to three years and "very serious" violations by up to seven years.

China launched a battle against production overcapacity in key industries such as steel and coal. It has accomplished its plans to slash steel production capacity by around 50 million metric tons and coal by at least 150 million tons last year.

China will continue to promote entrepreneurship and innovation to develop new growth engines for sustainable and healthy economic and social development, Li added.

China regularly registers a deficit in service trade as its service sector is less competitive than a number of other economies.