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"China and the US still have sensitive economic fields and their own focuses of concern," Sun said. "Factors such as national conditions and stages of development determine the status, division of labor and openness of the two countries in a globalized world."

"China is currently the role model for renewing vitality in automotive markets around the world and it will stabilize Volkswagen Group's business while operations in Europe are still slowly coming back," said Woellenstein.

"China calls for trade disputes to be settled through discussion as equals, opposes trade protectionism, and will resolutely safeguard its lawful rights," he said, noting that the country is ready to work with all parties to advance multilateral trade negotiations.

"But the fact is, Chinese companies are investing very heavily in Hungary," he said. He added that Chinese, Japanese and Korean companies together accounted for 38 percent of new jobs created in 2019.

"China is an essential part of our long-term strategy. We are confident in the market's future development," Koay said.