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"China is now Honeywell's largest market outside the US. It is our hope to carry out more profound cooperation with Pudong-based Chinese domestic companies, such as Commercial Aircraft Corporation of China. The solid groundwork that we have laid in Pudong will continue to drive our development in China, playing a crucial role in our integration into the country's digital economy," he said.

"But there are some worrisome and destructive forces at work on all sides of the bilateral relationship and the global environment that could lead us to a very unfortunate end," the former chairman of Morgan Stanley Asia warned.

"CIIE serves as the platform for international procurement, investment promotion, cultural exchange, and opening-up and cooperation," said Wang Bingnan, vice-minister of commerce and director of the CIIE Bureau, while addressing the ceremony. "Amid the COVID-19 pandemic, to successfully host the third CIIE shows China's crucial role and responsibility in restoring the global economy," he added.

"But when prices of companies stop declining and start to rebound, it is a clear sign of bottoming out. As long as these companies are healthy at the financial and operational levels, investors can feel confident to hold a long position on them. In the long run, China's A-share market will pick up slowly but the bullish performance can be expected for about 10 years," he said.

"China has become a core priority for Ferrero in terms of growth, and we are fully confident in the prospects of China as the world's fastest-growing consumption market. With the acceleration of urbanization and expansion of the middle class, the size of the consumption group and their needs have been continuously increasing," he said.