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"China's economy has continued its trend of stable and improving growth," said Xu, citing improvements in a spate of indicators, such as employment, corporate profits, power consumption and logistics.

"China's social credit system won't replace our legal system or moral principles. They complement each other," said Han Jiaping from Chinese Academy of International Trade and Economic Cooperation, Ministry of Commerce.

"Consumers in the US and China are unequivocally the losers from trade tensions," the study said.

"China will step up the pace of opening the futures market and promote internationalization of all qualified futures varieties when the conditions are mature," said Fang.

"Commerce finds at this stage that it is appropriate to notify the Mexican signatories of our intent to withdraw, terminate the Agreement, and resume the investigation," the statement said.