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"But now our challenge is to make correct decisions for future competition, but you never know what your decisions made today may mean three or five years later," he said.

"China is the world's largest importer of commodities and hence we will see more commodity deals being undertaken in yuan, especially iron ore," said Chen Derong, chairman of China Baowu Group.

"But millions of SMEs are under-served, whose demand for tailor-made communication services represents almost a 500-billion-yuan (.5 billion) market. That is what Alibaba is interested in," Yu said, adding it is not a competitor but complements telecom carriers' services.

"By opening up the market, China is giving Volkswagen new business opportunities," said Volkswagen Group China CEO Stephan Woellenstein, referring to China's decision in 2018 to gradually lift the equity cap in the auto industry.

"China and Germany have shared growing common grounds in developing bilateral relations, solving regional and global difficulties and exploring development opportunities," said Shi.