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"China is a major innovation hotspot and one of our most important growth markets. We are now creating a strong platform for Merck and our partners to drive innovation in southern China. At the same time, we are strengthening our footprint in this vibrant ecosystem of innovation," said Merck executive board member Kai Beckmann at a promotional event.

"China is so integral to global supply chains for many products that a good portion - but not all - of the tariff impact will be passed onto US consumers. US firms will be the bigger losers," he added.

"China and US trade cooperation is essential for bilateral relations and hence mutually beneficial. We hope the two countries will continue on a path of cooperation considering China and the US are now each other's major trading partner," he said.

"China being the factory to the world holds a great value right now" as "China's opening up gets faster," he said.

"Canceling an item or relaxing a regulation on the negative list showcases China's efforts to further open up a new field, which can continuously attract more international resources to flow into the nation's sprawling manufacturing industry," Wang said.