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"China has been increasing the number of new subway projects and upgrading the old lines, which greatly boosts our domestic sales," said Chen Fei, manager at Kunshan Alex Railway Fastening, that makes track fasteners for subway projects in Suzhou, Shanghai, and Shenzhen.

"China and Panama have a historic responsibility to champion free trade or free access to the markets," he stressed.

"China needs to focus on companies' independent research and development ability, while encouraging capable businesses to develop abroad, make best use of global resources and map out the global industrial chain," said Lin Zhongqin, president of Shanghai Jiaotong University,

"China is now a big continental economy, and even within China itself the stimulation of domestic consumption and the continual upgrading of many aspects－infrastructure, environment, as well as better provision of healthcare, housing, education－all these will be major drivers of growth for China in the years ahead," he told Xinhua News Agency.

"China is an important market for (the parent company) LG Group," said Son, noting the group's annual sales in China reached 250 billion won (1 million) in 2018.