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"China ... has an extraordinary market. If a company wants to be a global player, it has to go to China. Apex's role is to facilitate these ventures," the trade expert said.

"China has quickly vowed to retaliate and if such an escalation does materialize, it would have significant economic impact on China, the US and the rest of the world, at a sensitive time for the global economy," it said.

"But there are smart policy options available that can soften these trade-offs, such as investing in testing and tracing capacity and durably expanding social protection to cover the poor and the informal sector."

"China makes the high-road call for 'matters of principle' and directly addresses what is reported to be the prime area of disagreement: enforcement," he said. "China asserts that if a trade agreement is reached, it will honor its commitments sincerely and faithfully."

"China is a big country and economic power with a huge population; and we are small with much less population. Our economy has started to pick up," said Zoltan in his speech at the launch. "But in the same way that China is keen to develop a friendship with our small country, so we also hope to deepen the relationship with China. And the two countries can develop such a friendship that both sides care about each other."