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"China is willing to work with the Philippines to implement the consensus reached between high-level leaderships of the two countries, and properly handle disputes through dialogue and negotiations," Geng said.

"China has already become the second-largest economy in the world, and it may have huge potential in the cross-border e-commerce business," Tubb added.

"China and the EU should be partners for free trade. Apart from a high-quality investment agreement, we should work for an early start of negotiations on a free-trade agreement, or at least the launch of feasibility studies on that front."

"China has a population of 1.4 billion, of which 400 million are considered as middle-income, which means there's a huge domestic consumer market with rapid growth potential," he said. Therefore, he added, China's foreign trade partners and investors have attached more importance to the Chinese market.

"China has the potential to be our second-largest and even the largest market, given the sheer size of the personal care market, "Arya told China Daily in a recent interview. The company's China business is currently worth 1 billion yuan (5 million) and ranks third after India and Malaysia.