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"China has been one of the six global research and development hubs for L'Oreal Group. Our goal is to innovate in China, for China and to inspire the world," he said.

"China always sticks to equal and fair principles when purchasing 5G telecom equipment. We never preset the market shares for domestic and foreign enterprises," Miao said.

"But we could be left with no choice but to seek a new path if the US does not make good on its promises, misjudges our patience, while seeking to force things unilaterally and clinging to sanctions and pressure," he added.

"China didn't become the world's factory overnight. It was 30 or 40 years in the making, and there are reasons why multinationals have put their supply chains in China. It is not because they necessarily love China－they are there for sound commercial and economic rationalities. None of these have changed."

"China has reached the right time to further open its borders to more foreign players," Huang said.