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"China has benefited greatly from opening-up in the past 40 years. We therefore will keep opening up," said Xie.

"China is playing an increasingly important role due to the sale of hearing solutions via private specialist stores and retail chains, he said, adding the country shows a vast potential in market penetration as an estimated 70 million people in the country suffer from hearing loss, but a mere 5 percent own hearing aids.

"China and the EU should continue to focus on trans-border investment and two-way opening, so as to build a fair, open environment and mechanical framework for business," said Zhou Xiaochuan, former governor of China's central bank.

"But when countries distrust one another and each country feels that it is on its own, governments hesitate to take such drastic measures," Harari wrote. "If you think that other countries will then come to your help — you will be more likely to adopt this drastic measure."

"But this is not the time for finger-pointing," he said. "This is a time for solidarity, collaboration and mutual support."