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"Core technologies cannot be bought or traded, they must be created by ourselves," he wrote in a commentary for Guangming Daily, adding that some technologies have even become China's major bottlenecks and hidden security risks.

"Competition will create new markets and provide more services. The participation of Chinese SOEs will inject vitality into international markets and result in more opportunities for cooperation with world-class international firms," he said.

"Companies were required to go to various offices and fill different documents to complete the licensing procedures, which was often a time-consuming and labor-intensive process," said Chen Pengyun, chairman of a Tianjin-based vehicle trading company.

"Companies from new and emerging sectors will be the key clients that we are seeking to obtain. We will focus on good quality companies with strong technological advantage and strong profitability potential," it added.

"Consumers will ultimately pay the unintended consequences of tariffs, and some workers will be hurt by this," he added. "Trump's tariffs combined with retaliatory actions by China put at risk 134,000 American jobs; according to a CTA and National Retail Federation study, four jobs will be lost for every job gained."