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China is willing to push forward the development of more balanced economic and trade ties with the United States, the Foreign Ministry said on Thursday in response to US President Donald Trump's decision to not label China as a currency manipulator.

China on Monday urged countries outside the region to behave with caution and refrain from activities that undermine regional peace and stability, after Japan conducted its first ever peacetime submarine drill in the South China Sea.

China tipped to open up market further, easing financial climate to soften impact of trade tensions

China stands ready to maintain a dialogue with the EU over issues including the World Trade Organization reform and to jointly safeguard the rules-based multilateral trade system, he said, adding that Beijing will take part in the multilateral agenda to cope with climate change in a constructive manner.

China offers a reference for other developing countries that are struggling to modernize, as well as for developed countries troubled by inherent problems, said Fang Ning, head of the Institute of Political Science at the academy.