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"China's Position on the China-US Economic and Trade Consultations", a white paper report released on Sunday by the State Council Information Office, followed an earlier white paper in September. It 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.

"Currency needs to find the right level, I don't worry about Chinese renminbi depreciation," said the EBRD president, who shared an optimistic outlook on the world's second-largest economy.

"Companies producing substandard fireworks will be ordered to rectify the problems, while those violating product-safety regulations in the production process will be punished," he said.

"Chinese companies should consider data accuracy, the richness of data platforms, customer-based independency as well as privacy and security as critical elements when they promote their apps abroad," said Oren Kaniel, co-founder and CEO of AppsFlyer, a mobile marketing platform.

"Chinese customers are much more demanding of quality, of making sure the product lives up to expectations," he said. "That's why we look for good partnerships in China like Alibaba to make our products available and relevant to them."