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"Further escalation would be counterproductive. It would simply ensure an economic cold war between the US and China, at least until January 2021 and perhaps much longer," he said. "This would be a 'lose, lose, lose' proposition."

"Given China's record of successful reforms in the past decades, and the authorities' strong commitment and determination, we are confident that China will rebalance to a sustainable growth model," he said.

"For those people who are not familiar with online payments, we'll leave some windows of box office open to help them," he said.

"Global lenders which have expertise in cross-market financing, investment and management may see financing projects in countries and regions taking part in the Belt and Road Initiative as a new growth opportunity," said Xi.

"Foreign companies are cautiously more optimistic as the central and local governments are giving signals that they will open up the market and welcome more foreign investment," said AmCham South China President Harley Seyedin.