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"China is definitely a highly dynamic market for luxury brands. Growth momentum is largely seen coming from the country," Zhang said. "With the younger Generation Z consumers shaping up to be the backbone for luxury brands, their desire for socializing, interaction and sharing are propelling us to delve into the realm of social retail."

"But special (high-end) steel accounts for about 10 percent of China's total output, compared to around 20 percent in developed economies," said Yang Zhiyong, director of the Special Steel Institute under the Central Iron and Steel Research Institute Group.

"China and the United States should work together and make all the right choices and show the way forward to the world," he said.

"China has faithfully fulfilled its WTO commitments and strived to integrate into the multilateral trading system," he said.

"China is undergoing an economic transformation and upgrading at present. Therefore, the development of high-end manufacturing and smart equipment has become a buzzword. But as a matter of fact, traditional industries, which are closely related to people's daily lives, should also undergo upgrading and there will be room for their development," he said.