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"China's tariff plan is based on thorough research and analysis. It is much more rational compared with the 25 percent tariff hikes threatened by the US ... which is a trade 'stick', " said Li Yong, a senior research fellow at the China Association of International Trade.

"Chinese mainland companies will be driven to further innovate and upgrade their products and achieve sustainable and high-quality development," he said.

"China's GDP growth in the first quarter of 2017 was 6.9 percent, and our growth in the first quarter was 37 percent," said Zetsche. "None of these numbers make me pessimistic."

"China's success in containing the coronavirus and reviving economic activity has been notable," said R. N. Bhaskar, consulting editor of Asia Converge and guest faculty at several institutes in India and overseas, noting that a recent official report on manufacturing showed the Chinese economy is recovering better than expected.

"China's mobile payment is leading the world in both market size and user numbers and Chinese mobile payment companies have stepped up efforts to expand their presence in overseas markets,"Wang said.