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"China will further cut tax, especially to support medium and small-sized enterprises," said Cheng. "We will continue to promote property tax legislation and implementation, and reform the personal income tax system," she added.

"China ranks as Houston's second-largest trading partner with an estimated value of over billion in 2018. Chinese investment in Texas, and in Houston in particular, has grown significantly over the last several years as evidenced through major Chinese investments from Sinochem, COSCO, CNPC, ICBC, Memstar, America Modern Green, Tianqing Real Estate Group, Satellite Petrochemical, and more," Shen said.

"China's M2 growth is slightly lower than nominal GDP growth, but we should monitor more indicators, such as prices and jobs, to see whether liquidity is tight," he said at a press conference during the ongoing first session of the 13th National People's Congress.

"China, as a close neighbor, always supports the efforts of the north and south of the peninsula to improve their ties and push forward reconciliation and cooperation through dialogue and consultation," Geng said.

"Companies that have business relations with the US have already felt the shock," said Li Jianwei, chairman of Hangzhou Euroluck Import and Export Co, a cloth and textile trader. Li said orders started falling from the second half of 2018 on fears of punitive tariffs, though textile was not included in the additional tariff list then.