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"China already has goods and services FTAs with ASEAN, which are working well," said Amitendu Palit, a senior research fellow and lead for trade and economic policy at the Institute of South Asian Studies in Singapore.

"China is no longer betting on exports to drive up the economy, cultivating new growth points in technology upgrades, stimulation to domestic consumption and adequate investments in fast-growing sectors in global investment destinations－they have all become indispensable parts for the country to boost its economy," said Wang Huiyao, president of the Center for China and Globalization.

"China has been bolstering its opening-up and we have seen the attractiveness of the Chinese market multiply. Enterprises from developed countries are bound to earn greater profits as the country highlights domestic circulation as the mainstay," Ding said.

"Cheap prices were offered to us because the buyers knew that we had come a long way and if we didn't sell the milk, we wouldn't find any other buyers in time. The milk could go off and we might not make anything."

"But the policymakers would need to skillfully manage liquidity so that the case does not fuel a series of defaults, which would make the market nervous. We expect the Chinese government will be able to manage the rising credit risks in China," Pang added.