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JPMorgan Chase said last week's stock sell-off was overdone, but implied a 65 to 75 percent chance of recession in the next 12 months. A recession is defined as two consecutive quarters of negative growth.

JP Morgan recently announced its application for establishing a new, fully integrated securities company in which it would hold a 51 percent stake, increasing to 100 percent as allowed by regulations over the next few years, as well as its desire and intent to increase its current joint venture stake in China International Fund Management Co Ltd to a majority interest, subject to agreement with its joint venture partner and the relevant authorities. Earlier this year, JP Morgan was also appointed by the People's Bank of China as a renminbi clearing house in the US, the first non-Chinese bank to be designated.

Jesus Varela, economic and commercial counselor at the Spanish embassy in Beijing, attended the event.

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Jewelry sales grew 1.8 percent overall while online sales increased 8.8 percent. Electronics and appliance were up 4.6 percent overall and 10.7 percent online.

Ji said: "What touched me most was that he, as a foreigner, could be so grateful for what the (Chinese) government had done, and tried his best to help the country overcome difficulties. I think the fight against the epidemic has brought us, both Chinese and foreigners, together. The virus doesn't classify by nation, neither should we. When there are difficulties, we should join efforts to get through them."

JPMorgan Chase is planning to further grow its onshore business capabilities in China to cash in on the country's plan to widen foreign access in the financial sector.

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Japanese carmaker Nissan achieved a sales recovery and saw a year-on-year increase for four consecutive months in the world's largest auto market despite COVID-19.

Japanese sportswear maker ASICS Corporation made its first appearance at the third CIIE, globally debuting four products. It is among the enterprises that have recently received certificates to establish their China headquarters in Shanghai.

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Japanese Prime Minister Shinzo Abe (front C) and his cabinet members pose for photos at Abe's official residence in Tokyo, Japan, Oct 2, 2018. [Photo/Xinhua] 

Japan's Embassy in Seoul made a similar protest to South Korea's foreign ministry.