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Customers enjoy meals at a barbeque restaurant in Jiangbei district of Chongqing, Southwest China, March 23, 2020. [Photo/Xinhua]

Currently, Shanghai has nearly 60,000 foreign-funded enterprises, which contribute over one-quarter of the city's gross domestic product and more than one-third of its tax revenue.

Currently, China is the fastest-growing market for beef consumption globally, and the imported beef mainly comes from Australia, Argentina, Brazil and Uruguay. Last year, consumption of beef in China reached 8 million metric tons, and the market scale achieved 360 billion yuan (.7 billion), according to the Ministry of Commerce.

Criticism has arisen recently suggesting that China is conducting checkbook diplomacy in Latin America as it develops international partnerships related to the Belt and Road Initiative.

Cui said that some people are worried about China's notion of "entering a new era of development".