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"CRRC will continue to invest in suitable countries to deepen production capacity cooperation as we have already built manufacturing facilities in countries such as the United States, Australia, South Africa, India and Turkey," he said.

"ChemChina has, from day one, respected Pirelli's traditions and its Italian roots while working to strengthen the company. I would also add both sides have been respectful of the traditions and priorities of our two countries, always with a focus on the business's success," he said.

"But we should not forget China remains an attractive market-with a large and skilled labor force, efficient infrastructure and deep integration into global value chains. It is an increasingly attractive market that all producers aim to capture."

"But there are some issues that divide us," including the set of tariffs China imposes on US exports, some standards China imposes particularly on food items, and intellectual property rights, the technology transfers and cyber security, which Ross said are "essentially the basis" for the US' planned hefty tariffs on billion worth of Chinese goods.

"China is a top priority for Levi's and we see a huge potential and a huge long-term opportunity. In China, our performance was positive but it remains far from its potential. With China expected to be the top luxury market with over 40 percent of the global consumption by 2025, we are very excited by the opportunity," Yang said.