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"China welcomes the fact that the relevant parties have then come back to the track of consultation in seeking a solution and reached consensus on a technical renewal of the mandate," he added.

"Companies from home and abroad will sign a number of cooperation agreements today, covering a wide range of areas and regions," she said at the opening ceremony of the Belt and Road CEO conference held in Beijing.

"Considering China's large economy and vast hinterland, Hainan needs to develop key industries, build an innovation-driven economy and pay more attention to ecological civilization construction, which will fuel high-quality growth of the entire nation and inject new impetus to global trade and economy."

"China will never seek hegemony or engage in expansion," he said. "Only those who are accustomed to threatening others see everyone as a threat."

"China's Position on the China-US Economic and Trade Consultations", a report released on Sunday by the Cabinet's Information Office, reiterated that Beijing does not want a trade war but is not afraid of one, that it won't back down on "major issues of principle", and that its only intention is to reach a mutually acceptable deal.