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"Disruptive ecosystem models are flourishing in regions such as Asia, where consumers are more technology-enabled and where brands are integrating themselves into every aspect of people's daily lives," Wang said.

"Even though the EU is exempt from the tariffs until May 1, its exports would be impaired significantly by the US measures," said Zhao Zhongxiu, a trade professor at the University of International Business and Economics in Beijing.

"Extending the subsidies will help buffer the impact of the pandemic, boost car sales, increase the sector's competitive edge and finally promote its high-quality development," said the finance ministry in a statement on Thursday.

"Economic globalization is an irreversible trend, despite the recent challenges and setbacks. Therefore, promoting global economic, trading and investment cooperation is a common responsibility for all of us," Tu said.

"Despite the grim situation caused by COVID-19 at home and abroad, Gansu saw 10 of its agricultural products exported overseas for the first time," while its farm products had become increasingly popular in domestic municipalities such as Beijing, Shanghai and Chongqing, he added.