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"China is working to give full play to its domestic market, the largest in the world, and building a new model of development in which domestic economic networks play the primary role, and domestic and international economic networks complement each other. China will stay committed to further reform and opening up and will make new contributions to stabilize the world economy and advance globalization," he said.

"China is so integral to global supply chains for many products that a good portion - but not all - of the tariff impact will be passed onto US consumers. US firms will be the bigger losers," he added.

"But today the tables are turned. The best domestic banks in China actually have better capabilities and more skills than the international banks in their consumer banking units here in China. So we are going back and learning from the domestic banks about how they evolve their business models here, how they partner with some of the most advanced fintech companies in China, and how they are redesigning customer experiences and customer journeys through their mobile and online platforms," he said.

"Can you imagine a US congressman who runs for office while advocating the disintegration of the US? Or can you imagine the UK's members of Parliament promoting the abolition of the monarchy," Tong asked.

"Chengdu is further opening up to the outside world. I see great development potential in the city," said Jim Mullinax, the US consul-general in Chengdu, at the Chengdu Opening-up Conference.