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"China's rapid rise reflects a strategic direction set from the top leadership to developing world-class capacity in innovation and to moving the structural basis of the economy to more knowledge-intensive industries that rely on innovation to maintain competitive advantage," said WIPO Director-General Francis Gurry.

"China's Position on the China-US Economic and Trade Consultations", a report released on Sunday by the Cabinet's Information Office, reiterated that Beijing does not want a trade war but is not afraid of one, that it won't back down on "major issues of principle", and that its only intention is to reach a mutually acceptable deal.

"Compared with the MLFs, the TMLF provides commercial banks with funds of lower borrowing costs and longer maturity, facilitating their lending to private and small businesses," said Liu Chunsheng, an associate professor at the Beijing-based Central University of Finance and Economics.

"China, with a population of 1.4 billion people, will continue to be a huge market for the world, shared by the world, and a market that benefits everybody," he said.

"Congress requires written reasons justifying an IG (inspector general)'s removal," Grassley said.