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"China is an important market for Nomura, and Lu Ting's appointment is further evidence of our commitment to building up our China expertise," said Toshiyasu Iiyama, Nomura's executive chairman, Asia ex-Japan, and head of China Committee in a statement.

"China is a big importer of Michigan dairy products. This uncertainty hurts markets. All I know is that we have to get this resolved, the sooner the better for everybody, for the US and for China. We can help each other, work together and improve life for people in this country and people in China," he said.

"By the end of this year, all undisputed arrears should be cleared as much as possible, and no new arrears should be incurred," Xin said during a recent State Council Information Office press conference held in Beijing.

"Can you change at age 76?" Jonathan Zogby, CEO of Zogby Analytics, a polling and market research company in Utica, New York, said to China Daily. "He will have to be 'Scranton Joe 2.0', stay on message, not be combative and show humility. That's the challenge."

"By the standards of other countries, it (China's growth) is still very impressive," King said, adding that supply-side reforms and monetary and fiscal stimuli are expected to be stepped up over the next 12 months and partially offset impacts of the trade friction.