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"China has assumed a key responsibility in protecting our planet and our wildlife," he said. "For example, by banning all trade in ivory and ivory products, a decision by the president which entered into force only a few months ago and which is already showing positive effects."

"China is further opening up its market to foreign investors by lifting entry barriers. We hope the expanded pilot program, laws and rules will further promote cross-border investment in transportation, education, healthcare, finance and professional services," said Gavin Guo, international partner of the Shanghai-based Kewei Law Firm.

"China is playing an increasingly vital role in our global market. The revenue from the Asian market has accounted for nearly 20 percent of our global revenue. Camera sales in this region contributed more than 30 percent of our camera sales globally."

"Central banks can act quickly to help ease the tightening of financial conditions by injecting liquidity and cutting interest rates, thus preventing a possible credit crunch," said Tobias Adrian, an official at the International Monetary Fund. "In fact, markets have been anticipating aggressive easing by central banks, as reflected in the sharp fall in sovereign bond yields in many countries around the world.

"Canada, Mexico, the EU and China have already retaliated — or announced plans to retaliate — with billions of dollars in tariffs on US-made products," the US Chamber said, adding that approximately billion worth of US exports will be subject to retaliatory tariffs as of this week.