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China has acted in restraint to avoid confrontation with the United States, with measures to increase imports and widen market access, but to no avail.

China assembles final products like iPhones that have components and parts from many other countries; yet when the final product is shipped to the United States, fully 100 percent of its value is counted as a Chinese import - well in excess of the actual value-added in China, which for some Apple products has been estimated at around 10 percent, Roach said.

China has accelerated its opening-up in the insurance sector with 34 detailed policies introduced in April 2018. Those policies relaxed rules on foreign ownership, insurance intermediaries and asset management.

China has become a high-profile and potential market. The Economic Information Daily citing sigma report from Swiss Re said the country will be the world's largest insurance market by mid-2030s. German insurer Allianz also predicted China will continue to lead the global insurance market, and the premium size will increase at annual 14 percent in next 10 years.

China expects smart cars with partial or fully autonomous functions to account for 50 percent of new vehicles sold in the country by 2020, the National Development and Reform Commission, China's top economic planner, said on Friday.