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"By closely examining these criteria and measures, we can turn the slogan into science and science into concrete, practical actions," he said, adding China will need more data and quantitative analysis, especially at the local level, to accurately assess the results of modernization.

"But the pilot program is relatively limited right now, involving a small group of people. The trials' expansion may take more time; it would be a gradual process," said Li, who is head of the blockchain research group of the National Internet Finance Association of China, in an exclusive interview with China Daily on Monday.

"China hopes the two countries will strengthen communication and dialogue and expand their cooperation, which will benefit world peace and development as well as unite the international community to jointly tackle common challenges," Foreign Ministry spokeswoman Hua Chunying said in Beijing.

"China firmly opposes that," he said in a statement. "China has lodged solemn complaints with the US side through multiple channels, and China will assess its losses caused by the US measures, as well as take strong actions to ensure its legitimate interests."

"China has further reduced restrictions on market access by foreign investors and now allows foreign investment throughout China in sectors where it was previously permitted only in pilot free trade zones," said Paul McKenzie, managing partner of Morrison & Foerster's Beijing office. "Strong headwinds will likely continue at least until the US-China trade relationship improves. Perhaps a more dramatic set of further amendments to the negative list will come out of the current trade talks," McKenzie said.