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"Failure to adapt to the changing demands of Chinese consumers and retaining the same business model for years were held as the major reasons for the exit of E-mart in China," said Yu.

"Digital technology is increasingly reshaping each sub-sector of the auto industry, including MaaS (Mobility as a Service), autonomous driving and new energy vehicles," he said, adding that in recent years, investment into the auto industry in China has spawned a number of innovative startups.

"Employment is determined by a wide variety of other things that have nothing to do with trade."

"Every client needs a certain date for shipment. That is very important now, so we have to be prepared and pack everything on time according to our selected partners' needs. We need to comply with what was agreed," he said.

"Economic history clearly shows that trade wars not only hurt global growth, but they are also unwinnable," said Lagarde.