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As Citibank estimated, China's GDP growth might be slowed by 0.23 percentage points once the tariffs are imposed. As China has various trade partners worldwide, coupled with the Belt and Road Initiative, the impact will be quite limited, said Wu.

Around 150 journalism students, their teachers, scholars and government officials gathered for the 2019 Campus Newspaper Awards presentation ceremony in Shenzhen on Sunday.

Article 23 requires the HKSAR to enact laws that prohibit treason, secession, sedition and subversion against the central people's government, or the theft of State secrets. The laws should also prohibit foreign political forces from conducting political activities in the city and prohibit local political organizations from establishing ties with foreign counterparts. The city has failed to enact such laws since returning to China in 1997.

Approved by the State Council, the fund was jointly launched by the Ministry of Finance, Ministry of Commerce and China Merchants Capital Investment Co Ltd.

As China's main sources of trade have been hit hard, enhanced efforts need to be made by the government, export-oriented companies, financial institutions, shipping companies and other parties, Wei said. They need to develop cross-border e-commerce activities and help small and medium-sized enterprises restore their earning strength to overcome obstacles including order cancellations or delays, difficulties in gaining new orders and poor logistics.