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"China's countermeasures do not intend to purely pursue equivalence in the same amount as the US tariff rates. The latest four-level tariff rates have much more flexibility," said Gao Lingyun, a researcher of Institute of World Economics and Policies at the Chinese Academy of Social Sciences.

"Cutting interest rates could be a choice for the Chinese central bank, and there is opportunity to cut interest rate

"China's manufacturing industry and logistics businesses typically shut down a week earlier and later than the official holiday period so employees can make the long journey home to the nation's vast interior," the report explained. "All in, the Lunar New Year can last up to 40 days thanks to the extended travel times and family reunions."

"China's economic development has been extremely rapid after the adoption of the reform and opening-up policy," he said, adding that the policy has been beneficial to both China and the rest of the world.

"Climate change was briefly touched upon in the 11th Five-Year Plan (2006-10) and now, in the 13th Five-Year Plan (2016-20), climate change and the environment is a central element," Veres said. "The positive environmental trajectory that China is now portraying is embedded in the concept of ecological civilization."