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"China has been a very active player throughout," he noted.

"But we believe that the stability factors are more dominant," she said.

"China A shares offer an incredible mix of leverage to the country's domestic economy. That's why, we want to buy them for the next decade. More so because we expect China's stocks to stay neutral, largely unaffected, when the next US market crisis occurs. For example, the Shenzhen Composite Index has among the lowest correlations of all major global indices to the S&P500 index at just 8 percent."

"China always believes that 5G technology is a frontier technology that leads the fourth Industrial Revolution and offers a valuable platform, and the development and utilization of 5G in a globalization era happens naturally as all countries undertake extensive consultation and joint contribution for shared outcomes," he added.

"Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent," the USTR said. It did not specify which items would be removed.