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Apart from sanctions, Chen said China will not rule out the possibility of taking other actions as well. "The PLA has the means, capability and will to safeguard national sovereignty and territorial integrity. This determination and ability should not be questioned," he said.

Another important precondition for adequate supply of funds in 2020 is a stable stock market, which in turn entails a better rule of law in the market. Given the current speed of law-based reforms, China's A-share market may welcome an inflection point, or upside potential, in 2020.

Another Chinese oil and gas giant has also expressed confidence that the two countries' energy ties are set to deepen, despite trade conflicts.

Another PBOC survey showed bankers' confidence in the economy dipping slightly after rising for nine quarters, edging down from 81.9 in the first quarter to 81.2 in the second quarter.

Apart from operating dual-branded gas stations with Sinopec in Zhejiang, BP has been further exploring the creation of a world-scale acetic acid joint venture in Zhoushan with Zhejiang Petroleum and Chemical Corp since last year.