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"But the main challenge lies in whether these firms can succeed in foreign markets and attract local consumers with strong Chinese characteristics."

"China is one of the most important markets for Singapore Airlines. To meet various travel demands from Chinese passengers, we have kept improving our services in China," the carrier said in a written reply to China Daily.

"China can do things that other countries simply cannot do. When external customers want innovative new products, they want people who can quickly do design, prototyping and can manufacture quickly in batches. The Chinese are very good in doing that. They are very entrepreneurial and what you have in China is a very dynamic process," he said.

"China and Panama have a historic responsibility to champion free trade or free access to the markets," he stressed.

"China does not want a trade war with the US," Wang Shouwen, vice-minister of commerce, said at a news conference on Wednesday afternoon. "But China is not afraid of one."