At a news conference in NY in late September, Trump said China wants him and his Republican Party to "lose an election", as he has been accelerating pressure on Xi's leadership to curb the huge US trade deficit with China.
"While the United States markets have been somewhat insulated from China equity market meltdowns this year, that strong historical correlation that "when China sneezes the rest of the world catches the flu" is starting to take hold", said Stephen Innes, head of Asia-Pacific trade at OANDA.
The Washington-Beijing trade fight has escalated beyond rhetoric in recent months to imposing tariffs on a wide range of each country's products, with trade penalties now on $250 billion of Chinese goods and $110 billion of USA products.
Despite signs of a cooling economy, Chinese officials are optimistic past growth will help Beijing survive its trade dispute with the U.S.
Vice Premier Liu He, regarded as China's financial tsar, led a coordinated effort with the country's central bank and financial regulators on Friday to stem its worst stock market rout in three years, and extended a lifeline to businesses battered by a liquidity squeeze.
Despite this, China's stock market was able to recover from previous losses, according to the material.
Official data this week showed growth in China's real estate investment eased in September while home sales fell for the first time since April, as developers dialled back expansion plans amid economic uncertainties and as additional curbs on speculative investment kicked in.
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But that did not satisfy the opposition which has been demanding an explanation from the state government. Giving details, the railways said 10 mail/express trains and 27 passenger trains were cancelled.
The reading will likely put pressure on Beijing to provide fresh support as investors grow increasingly concerned about the economic outlook, while the yuan and stock markets wallow at four-year lows.
"We think more easing will still be needed in order to stabilize growth", Julian Evans-Pritchard, senior China economist at research firm Capital Economics, said in a note to clients Friday.
Recently, a heightening trade spat has been fanning concern that China's export-oriented economy would grow at a substantially slower rate than had been expected, prompting the country's authorities to take economic stimulus measures.
Market bubbles have sharply contracted, the quality of listed firms is improving, while valuations are at historic lows, he said. Nomura estimates the ratio of outstanding pledged shares in the mainland Chinese A-share market is about 8.9 percent in the third quarter, down from a peak of 10.4 percent in the first quarter of 2016.
While the sharp moves in Chinese markets can be "hard to explain", Jones noted that broad credit growth rose at the slowest rate since 2005.
During the same period, growth in retail sales of consumer goods climbed 9.3 percent, down from 9.4 percent in the first half of 2018. Beijing responded with its own tariff hikes on $110 billion of American imports but is running out of goods for retaliation due to their lopsided trade balance.
The central bank has cut reserve requirements for lenders four times this year, with the latest cut taking effect on October 15, injecting more liquidity to stimulate bank lending.