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"China is transforming to a very powerful and prosperous country," he said, adding that the meeting is helpful for his party as well as his country.

"By doing so, we would have enough measures and resources to defend against the volatility of the global economy in the post-COVID-19 era and speed up our economic recovery as a whole," he said.

"China has started relatively late in the development of commercial endowment insurance and thus lacks enough experience. It is important to learn from advanced acquired experience worldwide, continue to open up our insurance sector, and in this process, develop our own commercial endowment insurance to meet the needs of an aging society," Li said.

"Certainly the best outcome would be an agreement for complete and total denuclearization," she said, "but this is the beginning part of these conversations ... And we've been pretty upfront about that."

"China is very serious, and we are very serious," Trump said, adding that the tariffs announced "will continue unless we make a trade deal".