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Chinese Ambassador to Saudi Arabia Chen Weiqing said, since the establishment of diplomatic relations between China and Saudi Arabia on July 21, 1990, the two countries have always respected each other's political systems and development paths, supported each other's core interests and major concerns, and promoted the deepening of bilateral relations.

China-CEEC cooperation, he stressed, arises from the common desires and mutual needs of China and the CEECs, and is in no way intended to start all over again, let alone to divide Europe.

China, which was left on the target list, retaliated by imposing tariffs on billion in U.S. products, including apples, pork and ginseng.

China's semiconductor or chip industry will see explosive growth as the country accelerates plans to develop the market and cut heavy reliance on imports amid a trade standoff with the United States.

China's policies to counter an economic slowdown have already started taking effect, as seen in the average 9.4 percent annual GDP growth during the past four decades with very moderate volatility, Liu said at a forum held by the National School of Development of Peking University on Saturday.