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"Contrary to the assertions of the USTR, we were hardly forced into these arrangements," he wrote on the Project Syndicate website on Tuesday.

"China's regional aviation market is still in its initial stage of development. Most plateau airports globally are located in western China, and China is a great market with rich opportunities for the growth of the regional aviation sector," said Li Guijin, a professor at the Civil Aviation Management Institute of China.

"Complacency is our greatest threat and any business that thinks they are above the law will face serious penalties," Dominello warned.

"China will not close its doors and will open even wider," Xi said, adding that foreign companies will find China's market "more open, more transparent and more orderly". The large population remains a bonus of China's economy and Chinese market potential is great, he said.

"China's young luxury consumers are more interested in aspiration than heritage, making it imperative for brands to modernize their stories and deliver them through digital channels," said Luan Lan, partner and leader of McKinsey's apparel, fashion, and luxury group in China.