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"For example, freezing of assets of Mitsubishi could also be expected if no compensation agreements were reached," Yu added.

"Going forward, we will make efforts to make Dingxiang's flange manufacturing more appealing to the global market, through tech innovation and product quality enhancement," he said.

"For China to maintain healthy and stable development, the key is to keep deepening reforms, pushing further opening-up and encouraging innovation so that we can spark the enthusiasm of State-owned enterprises, private businesses and foreign companies and fully unleash the market potential," Xie said.

"First, their increasing manpower costs increase their cost of doing business in China. This may at first seem bad for China's competitiveness but, in the longer term, higher wages also mean that companies have a more productive, higher skilled labor pool to hire from," said Yu. "This would allow them to move up the value chain."

"For most of my generation, striving to leave this impoverished village was our common goal when we were young," Zhang said.