Meanwhile, the director of the International Monetary Fund's fiscal affairs department said in an interview with CGTN that China has enough economic wiggle room to contend with the challenges created by ongoing trade tensions. Let's take a listen.

VITOR GASPAR DIRECTOR IMF FISCAL AFFAIRS DEPARTMENT "So, when it comes to fiscal, China does have fiscal space. And we understand the China is aware that the current tax dispute that increased in tariffs on Chinese exports will have a negative impact on growth, that will be partially offset by expansionary fiscal policy in China. Since China does have the room to adjust in order to smooth the impact of this trade dispute on the past economic activity in China, we believe this partial offset is appropriate. At the same time, it's crucial for China to continue engaging in the rebalancing of the economy that we have commented a few times before.

The crucial challenge for China is to improve the quality growth, and not so much to emphasize the growth grade as such. It's very important to China (to) rebalance its economy moving from investment to consumption, moving from credit-based growth to growth which is compatible with the gradual process of deleverage."