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"China knows this. That's why they joined the WTO (World Trade Organization) back in 2001, and they have been cutting their tariffs ever since," he said.

"China is our second-largest market internationally and has grown substantially over the last few years," Stephen Pearce, Tourism Vancouver's vice-president of marketing, told China Daily. "We still are a major gateway for China to North America, and we are also an important destination for more and more Chinese."

"Candidly, what we reviewed today in a very limited time ... looks to be a product of an incomplete investigation that was limited, perhaps by the White House, I don't know," said Dianne Feinstein, the top Democrat on the Senate Judiciary Committee.

"China has made great progress, but if you reflect back, the Global Findex showed that we went from the low 60s to about 69 percent of people in the world covered in terms of financial access," Kim said, referring to the finding that 69 percent of adults around the world, or 3.8 billion people, have an account at a bank or mobile money provider, up from 62 percent in 2014.

"China is shifting toward a floating exchange rate regime, and we allow the exchange rate of the yuan to be determined by market demand and supply," Yu said.