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The Chinese people are building a great modern socialist country, but China will stay on the path of peaceful development, Xi said, adding that China will neither pursue the path of expansionism and colonialism, nor cause chaos to the world.

While pointing out that unilateralism and protectionism is eroding the prospect of development and prosperity in the region, and the global free trade system has been impacted severely, Wang called for solidarity and cooperation among regional countries to champion free trade and multilateralism, and oppose protectionism.

Also, they should call on all members of the international community to resist the temptation of resorting to unilateral actions in fixing trade disputes, and to stay committed to talks within the framework of the World Trade Organization, the backbone of today's multilateral trading system.

The rates of additional tariffs on such products will be 25 percent, 20 percent, 10 percent, and 5 percent, according to the Customs Tariff Commission of the State Council.