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"China has a large number of small and micro-businesses, and this helps create a large number of jobs in China," she said. "Yet such businesses also have clear disadvantages, such as being vulnerable to risks. This requires the government to give them more policy support, especially tax incentives, to help them grow steadily."

"China hopes to cooperate closely with the Philippines to build the high-quality BRI, jointly maintaining multilateralism and promote regional development," said Chen, adding that Chongqing Municipality is also willing to share the opportunities with Philippine local governments to make new contributions by boosting exchanges and mutual learning from each other.

"China plans to further open up the financial sector, which really means a lot to global market players. I hope foreign investment managers like us will be allowed to manage China's public fund in five to 10 years," she said.

"Central SOEs, however, have been doing a good job in environmental protection sectors," said Zhong.

"By threatening to impose a 10 percent tariff on an additional 0 billion of imports from China, the US President Trump has upped the ante on the trade conflict between the two," Oxford Economics said in a research briefing.