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"But the fact is, Chinese companies are investing very heavily in Hungary," he said. He added that Chinese, Japanese and Korean companies together accounted for 38 percent of new jobs created in 2019.

"By early 2021, countries representing more than 65 percent of global carbon dioxide emissions and more than 70 percent of the world economy are very likely to have made ambitious commitments to carbon neutrality," he said.

"China has talked about reform and opening-up ever since I first started going there in the early 1990s, and they have done a very good job, so now let's keep it up," he said.

"China needs to always stick to and respect the principle of multilateralism, and further reform and opening-up. This is very fundamental," Chang said. He also urged companies to enhance their research and development capabilities to survive in this very complicated "economic war".

"China has entered a stage of stable leverage as the country's deleveraging efforts have delivered primary effects," Liu Shijin, vice-president of the China Development Research Foundation, a government think tank, told the Economic Daily.