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China is stepping up disaster relief efforts as the country continues to see more floods and unusually heavy downpours this summer.

China imported 32.85 million metric tons of soybeans from the United States, accounting for more than one-third of China's total soybean imports. Tariff increases will make US soybeans uncompetitive, causing them to be replaced by products from Brazil and Argentina, according to Chen Yang, a researcher with the Chinese Academy of Agricultural Sciences.

China hopes the two sides could solve the issue through consultation and dialogue.

China is "an immensely important part of ... regional security as well as protecting and advancing the systems that have benefitted all of us," McMaster told reporters.

China is seeking to bring various financial institutions, international enterprises and funding sources together to get projects rolling in economies involved in the Belt and Road Initiative, said senior executives at Standard Chartered Bank.