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"China is one of SABIC's core strategic markets, and we are committed as a partner to helping elevate China's sustainable development and inclusive growth, while reinforcing SABIC's development prospects here," he said, adding that SABIC is committed to contributing to economic exchanges between the two sides through continuous investment in China.

"China and the US should of course avoid recriminations and aim for cooperation," Sachs said. "This is the only safe and rational way out of the current crisis."

"China is strongly dissatisfied and resolutely opposes the rejection, as the US government tried to mix the concepts of the surrogate country approach and market economy status to mislead the public," the ministry said in a statement.

"But there is still a structural gap between China's service trade and other economies. The country's per-capita service trade is smaller than many countries."

"China is committed to the path of green development and protection of the ecological environment, and demonstrated considerable strength in clean energy, such as nuclear and solar energy. The UK has special strength in green finance and low-carbon technology."