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"China has the next step ahead of it, which is to create much higher value per individual user. And the number of more affluent users is becoming bigger," Mueller added.

"China is part of the global economic order; it has a vast array of investment, relationships and trading relationships all around the world," said Hormats.

"China has become a very prosperous country and at this moment it is the second biggest economy in the world. I think this is extremely good because China has much that it can contribute towards the development of the world including the developing countries," he said.

"By opening up the market, China is giving Volkswagen new business opportunities," said Volkswagen Group China CEO Stephan Woellenstein, referring to China's decision in 2018 to gradually lift the equity cap in the auto industry.

"China is not in its bones a nation state but a civilization state. China has always had to accept a great deal of diversity across the country. Nation states such as in the West, where there is much greater homogeneity, would not be able to tolerate that difference," he said.