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As China's consumer market evolves, foreign companies operating in the country have also been shifting their model from "made in China" to "made for China", he said, noting that some 78 percent of the firms now produce goods and services in China for the local market, while the proportion was less than 23 percent in 2003.

Around 560,000 BMW-branded vehicles were delivered to customers in China in 2017 – more than in the next two largest markets, the United States and Germany, combined.

As New York remains on track to knock Hong Kong off its pedestal to become the world's biggest listing venue this year, the Asian financial hub is wrestling with Shanghai for the second place in the league tables.

Around 100 companies in food, agricultural products, medical equipment and healthcare industries attended the event, where they displayed their products and talked with potential buyers.

As Citibank estimated, China's GDP growth might be slowed by 0.23 percentage points once the tariffs are imposed. As China has various trade partners worldwide, coupled with the Belt and Road Initiative, the impact will be quite limited, said Wu.