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"China needs to protect the US intellectual property, while the US side needs to keep the Chinese sample data safe," he said.

"China is not only the largest market for Porsche, but also the market that has the biggest increase," the CEO noted. As of now, Porsche operates 116 sales outlets in China, of which 14 were newly established last year. Two more new dealer stores are scheduled to be founded in China this year.

"By May 2018, cyber celebrities with a fan base of more than 100,000 increased 51 percent from a year ago and their total followers surged 25 percent to 588 million," said the report titled 2018 China Online Celebrity Economic Development Insight. It was jointly published by market research consulting firm iResearch and social media platform Sina Weibo on Tuesday in Shanghai.

"China is part of the global economic order; it has a vast array of investment, relationships and trading relationships all around the world," said Hormats.

"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.