Further opening up remains the way forward for China

With the United States having already activated 25 percent tariffs on some $34 billion worth of Chinese imports, the Washington-initiated trade dispute with China has escalated and could worsen.

China must be ready for a protracted trade war with the US given the real aim of Washington is to contain China's development.

Since the end of the 2008-09 global financial crisis, the wealth gap in the US has continually widened thanks to the country's low interest rate policy, which has led to rapidly rising asset prices that benefit the wealthy while putting the poor at a disadvantage. The US authorities are using China as a scapegoat for this.