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"China delivered through China's engagement in the international economy, cheaper goods to the world which we all benefited from. Our living standard in Australia has been lifted dramatically through this process," he added.

"Cherries from Central Asia are of good quality and taste and therefore are well received in the domestic market," said Yin.

"China needs to prevent the Trump administration from replacing the bilateral, multilateral and global trade rules with unilateralism on trade," the former vice-minister of commerce told China Daily on Sunday.

"China has become a core priority for Ferrero in terms of growth. Thanks to a series of timely and effective measures, the Chinese market has been the first to recover amid the pandemic, demonstrating its remarkable resilience and great potential," said Mauro De Felip, general manager of Ferrero China.

"Certainly, this is going to be a negative for the vehicle market," Chesbrough said.