"We may think that China's rise may be bad for the USA, that China is a strategic competitor. but the moment China's growth rate declines, we will regret it", he said at the Milken Institute's annual Asia Summit in Singapore.
So far, the United States and China have hit $50 billion worth of each other's goods with tariffs in a dispute over USA demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs, and better protecting American intellectual property.
Just six percent, meanwhile, said they would consider moving factories to USA soil. "The US administration will be hurting the companies it should be helping".
Roughly a third of firms are shifting supply chains out of China, or the United States, and an equal proportion are delaying or cancelling investment decisions, the survey showed.
Trump and his advisers have argued that the tariffs are necessary to pressure Beijing to abandon unfair practices.
The longer the trade war continues the less attractive China will become as a manufacturing base for worldwide companies, making other emerging markets like Indonesia and India preferable locations for manufacturing.
If the United States imposed new levies on Chinese imports then Beijing "will not hesitate to take countermeasures against USA tariffs to safeguard China's interests", it added.
Also Thursday, the European Union Chamber of Commerce in China said one in six of its members that responded to a survey are delaying investment or expansion. He warned that further escalation would severely damage Chinese industries, China's markets and currency, and its position in the global supply chain.
China is running out of American imports for retaliation due to their lopsided trade balance, but threatened unspecified "comprehensive measures" in June.
Chinese Foreign Ministry spokesman Geng Shuang told reporters that China welcomed the invitation, and the two countries were discussing the details. That prompted worries it would use regulatory controls to disrupt USA business operations in China.
So far, the United States and China have hit $50 billion worth of each others' goods with tariffs in a dispute over US demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property.
Another business group, the U.S.
Some 63.6 percent of more than 430 companies that responded to the American chambers' survey said profits and customer demand have fallen due to the US tariffs and 62.5 percent said the same about retaliatory Chinese tariffs. Some 67.6 percent said the same of China's planned retaliatory tariffs on $60 of American goods.
About half of American firms are making less money, and a similar amount are reporting higher production costs, according to the survey.
"We share the concerns of the USA regarding China's trade and investment practices, but continuing along the path of tariff escalation is extremely risky", the European chamber president, Mats Harborn, said in a statement.
"The Trump administration should not be mistaken that China will surrender to the US demands".