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"China is a major innovation hotspot and one of our most important growth markets. We are now creating a strong platform for Merck and our partners to drive innovation in southern China. At the same time, we are strengthening our footprint in this vibrant ecosystem of innovation," said Merck executive board member Kai Beckmann at a promotional event.

"China is not aimed at challenging or replacing any country. It is committed to a new path of state-to-state relations, that values dialogue above competition and partnership above alliance," he said.

"China always sticks to equal and fair principles when purchasing 5G telecom equipment. We never preset the market shares for domestic and foreign enterprises," Miao said.

"China has done a lot of low-level work that supplied products to the US, and China learned how to develop an economy from the US," he said. "China needs the US; the US needs China."

"China has sufficient policy tools," said Pan, who is also director of the State Administration of Foreign Exchange, the country's foreign exchange regulator.