China is preparing to retaliate if US president-elect Donald Trump launches a trade war, a key US business lobby group warned on Wednesday. “To our knowledge, China is already preparing measures in the event of actions by the new administration … should [they] impose restrictions on trade and investment with respect to China,” Lester Ross, head of the American Chamber of Commerce in China’s policy committee, said. Ross made the comments as the chamber unveiled the results of a business survey, which reflected concerns about rising protectionism, limited market assess and unclear regulation in China, the South China Morning Post reports. Chamber chairman William Zarit said foreign business had not observed any substantial moves by Beijing towards reforms pledged in 2012. Instead of liberalizing or privatizing the economy, the reforms seemed to only make state firms more competitive, he said.