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China relied on New Zealand for its cheese imports before it cut the tariff on US cheese, but China's cheese demand has increased more than seven fold over the last 10 years to 100,000 tons, according to Milk magazine, and the country is looking to other markets.

China slashed 250 million tonnes of coal capacity last year, outperforming the annual target.

China may invest hundreds of billions of yuan in the near future to boost its semiconductor sectors, but the scale is still relatively small compared to industry giants such as Intel, which spends more than billion annually on research and development, Liu said.

China said it has lodged serious representations to the United States after US President Donald Trump signed a law laying the groundwork for possible naval visits between Taiwan and the United States.

China is updating its trade relations with the world by increasingly exporting more high-tech products.