No country can win a trade war - China vice premier

Liu He said that protectionist and unilateral approaches “only bring more uneconomic uncertainty to the world”.

According to Reuters, he continued: “This history of economic development has proven time and again, that raising tariffs will only lead to economic recession and no one ever emerged as a winner from a trade war.

“Our approach is therefore to see a negotiated solution to the problems we have on the basis on equity and mutual respect.”

China is engaged in a bitter trade spat with the US. American President Donald Trump has imposed tariffs of 10% on $200bn of Chinese goods, around 40% of all products imported into the US, and has said he will to raise tariffs to 25% in January.

China has retaliated by imposing its own tariffs, and there are fears President Trump will include mobile phones and laptops that are made in China. Shares in Apple took a tumble on Monday after Trump suggested they could be subject to a 10% tariff.

But market watchers are hopeful that Washington and Beijing will try and agree a ceasefire at this week’s G20 Summit in Buenos Aires.

As well as addressing trade disputes, Liu used his speech to reassure about the health of the Chinese economy. The powerhouse economy has boomed in recent years, helping to underpin global growth, but there are concerns it is starting to stall, a situation that would be further compounded by a lengthy trade war.

But Liu told delegates the Chinese economy was on track to meet is 6.5% growth target for the year, insisting that all indicators pointed to its stability. He also said China was witnessing an accelerated shift to a consumer-driven economy, and that competition and openness were essential for the economy’s ongoing success.

The Chinese official also said there was the "greates consensus" on the need to reform and open up the economy and that he expected a "great improvement" when it came to protecting intellectual property.