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"China knows this. That's why they joined the WTO (World Trade Organization) back in 2001, and they have been cutting their tariffs ever since," he said.

"By 2040, Shanghai's container capacity will reach 45 million TEUs, or 20-foot equivalent units, and the airports will handle more than 180 million passenger trips with more than 40 percent being international passengers," Ying said.

"But the case of the draft legislation on safeguarding national security in Hong Kong has been the magnet of reproach from many antagonists of China.

"China and EU share the responsibility to safeguard the global free trade system and negotiation needs to be speeded up to conclude a China-EU investment agreement," he said at a news conference on the sidelines of the ongoing annual session of the National People's Congress.

"Catering enterprises generally don't have much assets in stock－to reserve cash for two-and-a-half months at maximum. That's why continuous revenue plays an important role," he said, adding how long before circumstances improve would determine the survival of many companies in the sector, especially small- and medium-sized firms.