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"China and Japan should not only be the 'anchor' but also the 'propeller' of the world economy. We should actively advocate free trade, jointly safeguard multilateralism, and contribute more to building an open world economy," he added.

"China needs to always stick to and respect the principle of multilateralism, and further reform and opening-up. This is very fundamental," Chang said. He also urged companies to enhance their research and development capabilities to survive in this very complicated "economic war".

"Certainly, this is going to be a negative for the vehicle market," Chesbrough said.

"China is shifting toward a floating exchange rate regime, and we allow the exchange rate of the yuan to be determined by market demand and supply," Yu said.

"But the government is also striking a delicate balance between innovation and risk. When it comes to the financial system, it is extremely careful about systemic risk."