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"For the next step, China's monetary and fiscal policy needs to remain loose. Monetary easing is to lower interest rates and to coordinate with treasury bond issuance by the Ministry of Finance. The bonds will raise money for infrastructure construction, a major driving force of economic growth," said Yu.

"Governments need to steer clear of protectionism in all its forms, and history shows that import restrictions hurt everyone, especially poorer consumers," Lagarde said in a prepared speech released to the press.

"For the first time ever, the flagship 5G SoC (system on chips) has more than 15.3 billion transistors, making it the densest and most full-featured 5G SoC to date," Yu said.

"Global talent is also needed. It is very difficult to rely solely on China's independent innovation to succeed. Why can't we embrace the world and rely on global innovation?" Ren added.

"GM's decades of electrification experience and strategic EV investments, alongside Honda's commitment to advancing mobility, will result in better solutions for our customers and progress on our zero emissions vision," he added.