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"Chinese infrastructure investments can have a big impact in the fields of renewable energy, establishment of economic zones, manufacturing, telecommunications and digital commerce," Pitlo said.

"Consumption has contributed at least 75 percent to China's GDP growth for the last five consecutive quarters, despite slowing since the second quarter of 2018. Going ahead, consumption will become a major incentive to boost China's economic growth," said Zhou Wenqun, a manager at consulting agency Fidelity International.

"China should further streamline VAT brackets to encourage fair market competition, which in a sense reduces taxes for many enterprises," Liu said.

"China's Position on the China-US Economic and Trade Consultations", a white paper report released on Sunday by the State Council Information Office, followed an earlier white paper in September. It reiterated that Beijing does not want a trade war, but is not afraid of one, that it won't back down on "major issues of principle", and that its only intention is to reach a mutually acceptable deal.

"China's long-term trends of moving toward a more consumption-oriented economy of rising services share in the overall economy and technological upgrade should continue as well," global financial services company UBS said in a research note on Monday.