Trade tensions between the world's two leading economies are set to escalate on Monday, as Beijing begins levying tariffs on certain US agricultural goods in retaliation for President Donald Trump's latest hike on Chinese imports.

Two major speeches were delivered by two of the world's most powerful world leaders this week, on opposite sides of the planet.

Premier Li Qiang delivers highly watched annual work report, touching on GDP growth targets, foreign investment, future industries and more.

While China's appeal to work with "fellow Chinese in Taiwan" to help rejuvenate the Chinese nation wasn't mentioned in Premier Li Qiang's work report last year, he added the phrase this year.

Chinese Foreign Minister Wang Yi says China will continue to retaliate to the United States’ “arbitrary tariffs” and accused Washington of “meeting good with evil” in a press conference Friday on the sidelines of the annual parliamentary session.

Chinese Premier Li Qiang's renewed emphasis on consumption isn't being matched by policy firepower, say economists, who warn that the trade war with Washington and other challenges at home will likely keep policymakers in a prolonged battle with deflation.

As Chinese leaders meet in Beijing, they are striking a confident posture despite serious challenges to the economy and growing pressure from the United States.

China has warned it is ready for "any type of war" in response to President Donald Trump's tariffs on Chinese goods. The statement comes as Beijing boosts defense spending and tensions escalate.

In a speech to the country’s lawmakers, Chinese Premier Li Qiang said AI would be key to boosting China’s digital economy.

Senior Chinese leaders Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi on Thursday attended deliberation at the third session of the 14th National People's Congress (NPC) and group discussions at the third session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC).

As a trade war with the United States begins, China wants to fire up its economy and plans to increase defence spending.