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As the US accounts for almost one-fifth of China's exports, or the equivalent of 3.6 percent of the country's GDP, large-scale additional tariffs could have a noticeable impact on China's economy and would have knock-on effects for the supply chain across the rest of Asia, said Andrew Fennell, director of the Sovereigns Department in Hong Kong of the global credit rating agency Fitch Ratings.

As the second biggest industry in the world after oil and gas, steel production remains an indispensable link in the whole industry system, providing basic materials to downstream manufacturers and creating enough employment to stabilize the economy.

As the central bank has taken a pause in monetary easing, fiscal policy should remain proactive to stabilize economic growth and ensure the recent rebound is not just a seasonal fluke, said economists.

As the world is undergoing profound changes unseen in a century, solidarity and cooperation should be pursued in the spirit of building a community with a shared future for mankind, Xi said.

As the world's two largest economies and two major countries with great responsibilities in international affairs, China and the United States have reached the deal "with the big picture in mind", Liu said at a briefing with Chinese media after the deal was signed.