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"But what we should understand is that steel for the automotive manufacturing sector is constantly changing, and the materials used in the car today are not comparable to the steel of a decade ago."

"China is a very important market to the BMW group. Last year, we nearly sold 600,000 cars in China, which is underlining the relevance and importance of China for BMW," Nicolas said.

"China doesn't intend to change the United States, and the United States surely cannot alter China. We would like to develop China-US relations featuring coordination, cooperation and stability, but we reject any bullying and injustice," Wang said.

"China has made positive progress in strengthening its financial regulatory system and resolving financial risks since the Party's 19th National Congress in October under the leadership of the CPC Central Committee, with Xi Jinping, general secretary of the committee, at the core," he told a special consultative meeting of the Chinese People's Political Consultative Conference, the country's top political advisory body.

"But when seven out of 10 customers who come into our showrooms are new-time buyers, buying an additional car or buying their first car, it is not surprising that in China new products are so fundamentally important," he said.