Beijing on Friday accused Washington of unfairly attacking its economy and said a settlement to their costly, 17-month-old conflict must be “mutually beneficial.
This came just hours after US President Donald Trump declared that a deal to de-escalate the trade war with China was imminent.
Reports the two largest economies of the world had struck a bargain at last – subject to approval by Trump – sent global stocks sailing to their first record closes of December. In Hong Kong, the Hang Seng Index gained nearly 700 points on Friday.
But Beijing declined to confirm a possible signing of a "phase-one" deal on Friday.
"We always adhere to the principle that consultation must be based on equality and mutual respect, and the agreement must be mutually beneficial and a win-win solution," foreign ministry spokeswoman Hua Chunying said at a regular briefing.
In a sign that tensions remain high between the two powers, Foreign Minister Wang Yi said Washington was "suppressing" China across a number of fields, including the economy, trade and technology.
Speaking at a symposium on international affairs in Beijing, Wang said the United States has "seriously damaged the foundation of hard-earned trust between China and the US".
Washington has angered Beijing by backing Hong Kong's pro-democracy movement and criticising mass detention of mostly Muslim minorities in Xinjiang. (AFP, AP)