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Established in 1994 in Guangzhou, south China's Guangdong Province, Hangxin is a privately-owned company providing aircraft component maintenance services, technical solutions in the field of aircraft engineering and safety to the Chinese aviation industry.

"Waging a trade war does not conform to global interests nowadays. We call on all countries to take collective actions to firmly curb such outdated and regressive move and steadfastly safeguard the common interests of the mankind," Lu said.

"Today, roughly 1.5 billion dollars of goods and services flow between our two countries every single day. China is our largest export market outside of North America, with exports to China growing at twice the rate as exports to the rest of the world, and America is China's largest export market exceeding exports to all of the EU countries combined," he said.

The Myanmar-China Friendship Association (Central) was established on May 30, 2013, with the aim of enhancing friendship between peoples of the two countries and carrying out socio-economic undertakings that benefit both peoples.

Worth 43 million euros (about 51.43 million U.S. dollars) of equity value, the deal made China's Guangzhou Hangxin Aviation Technology the parent company and strategic investor of Magnetic MRO (Maintenance, Repair and Operation) to expand its global MRO presence.