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Concern about a trade war has grown after the US threatened to impose tariffs on 0 billion worth of Chinese imports under the Section 301 of US Trade Act of 1974, following a probe into China's intellectual property policies and practices. China has proposed countermeasures with tariffs on US soybeans, cars and planes. China has also imposed retaliatory tariffs in response to the US tariffs on steel and aluminum imports in the name of national security, a clear violation of World Trade Organization rules.

Company envisions good prospects for vehicle components sector in China

Compared with 20 years ago, customers in China today attach more importance to quality over price, and the middle-income bracket would like to buy the best they can afford, he said.

Company president Tang Yi said 30 percent of the firm's products will be sold inside Zimbabwe and the rest exported to neighboring countries.

Compared with the situation in 2019, the risks of a liquidity shortage and a credit crunch will be further eased in the Chinese financial system, and more policies will focus on stabilizing growth and promoting reforms this year, said Cheng Shi, chief economist at ICBC International.