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"Downstream users, such as the automotive, aircraft, and boat industries, will pay more for inputs," she said.

"Even though China's firm stance has prompted Trump to send all his top economic officials for trade negotiations to avert a trade war, it will be a tough talk between the two sides. Otherwise the Trump administration and the president himself will appear weak," said Tu Xinquan, a professor at the University of International Business and Economics.

"Egypt will soon witness a new industrial revolution to keep pace with the technological development in the field of manufacturing electric cars in the world," the minister said.

"Deleveraging does not necessarily lead to slower economic growth. It depends on which approach we choose to lower the leverage," said Hu Xiaolian, chair of the Export-Import Bank of China at the Boao Forum for Asia, which concluded on Friday.

"Data released by the Central Bank show foreign investors increased their holdings of Chinese domestic bonds by over billion in the first half of the year, and our own flow data also indicate strong demand for Chinese government bonds. The inflows will keep financial conditions loose and help with the recovery."