The statement comes as trade talks between China and the United States are underway in Beijing, the first round of face-to-face discussions since both sides agreed to a 90-day truce in a trade war that has roiled worldwide markets.
China says it is ready to buy more USA goods, but it is resisting U.S. demands for tougher action on technology transfers, and less state support for strategic industries like robotics and computer chips.
"We have made stern complaints with the U.S.", Lu said. "I don't think it will proceed that fast. We have full confidence in the long-term sound fundamentals of the Chinese economy", said Lu.
While China has made some pre-emptive concessions in the weeks since Trump met with his counterpart Xi Jinping in Argentina, including lowering auto tariffs and restarting purchases of American soybeans, little concrete progress has been made toward developing a comprehensive trade agreement between Beijing and Washington.
Financial markets were being lifted early on Monday on expectations that the direct negotiations would lead to an easing in tensions between the two sides.
Trump imposed tariff increases of up to 25 per cent on $250 billion of Chinese imports over complaints Beijing steals or pressures companies to hand over technology.
The standoff also reflects American anxiety about China's rise as a potential competitor in telecommunications and other technology.
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China and the United States have in the past repeatedly traded barbs over what Washington says is Beijing's militarization of the South China Sea by building military installations on artificial islands and reefs.
Both sides have expressed interest in settling their tariff battle over Beijing's technology ambitions.
The talks are crucial as the US stock market continues to be volatile.
The president has taken heart in China's faltering economy, repeating that it makes Beijing more likely to strike a deal.
During that 90-day period, agreements "may not be reached until the last day", said Tu Xinquan, director of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing.
"Right now, it appears that China is [suffering the most] but if you start looking at what's happening in the United States, the volatility on the market, the long-term affects of this I think you'll find that both are suffering", Tangen said. American officials worry those might erode U.S. industrial leadership. Apple's stock fell almost 10 percent after the announcement.
It is possible that if Trump, who is making his second trip to Davos as president, does not meet with Wang, one or more of his top trade lieutenants would instead.
"Adding to that, there are concerns over state-sponsored cybersecurity attacks and a slowdown in Chinese economic growth, which itself has roiled markets", Noguchi said.