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"China is so integral to global supply chains for many products that a good portion - but not all - of the tariff impact will be passed onto US consumers. US firms will be the bigger losers," he added.

"China is the third largest pet-owning country in the world, and China's pet industry is growing rapidly," said Christoph Vetten, head of Bayer Animal Health Greater China.

"China always believes that 5G technology is a frontier technology that leads the fourth Industrial Revolution and offers a valuable platform, and the development and utilization of 5G in a globalization era happens naturally as all countries undertake extensive consultation and joint contribution for shared outcomes," he added.

"But with so many aspects of American economic ingenuity, high-tech startups have now truly gone global. The past decade or so has seen the dramatic growth of startup ecosystems around the world, from Shanghai and Beijing, to Mumbai and Bangalore, to London, Berlin, Stockholm, Toronto and Tel Aviv."

"By the end of February, local authorities in 135 cities had removed trade barriers on used cars and the results are starting to show," said Shen at the 2017 China Used Car Assembly held in Wuhan, Hubei province.