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The country will also step up reduction of taxes and fees and improve financing services. The country will improve its policies for targeted reserve requirement ratio cut to encourage inclusive financing and expand the application of its re-lending policies for small firms to equitable small- and medium-sized banks as well as Internet banks, it said.

"On behalf of the Chinese government and people, and in my own name, I would like to express my sorrow for the loss of life and extend my deep condolences to the families of the victims as well as the injured," Xi said.

The impacts from tariffs in 2018 were not as bad as expected based on the most recent statistics of Chinese trade balances, according to Mariscal.

Calling himself "an optimist," Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics, said if economic rationality prevails, there should be an agreement and "sooner is better."

Efforts should also be made to improve coordination among procuratorates, courts and administrative law enforcement organs, it read.