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"China has more than 100 million market entities and about 1.4 billion people. There is a huge market behind the improvement in public livelihood and the upgrading of consumption," he said.

"China firmly opposes the plan and has lodged solemn representations and protests to the US side," Foreign Ministry spokesman Geng Shuang told a press briefing.

"China has an aging population and declining birthrate, making it more important for people to build wealth and plan for their retirement. That means they will have to make a shift from savings to making more financial investments," he said.

"China is likely to implement the phase-one trade deal as promised, continuing to deepen reforms, opening up wider to the outside world, fostering a better business-friendly environment and attracting more foreign investment and trade partners."

"China has a high savings rate. It used to be a huge advantage, but we'll lose that advantage if borrowing grows faster than savings," he added.