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As the first college graduate from his rural hometown in the Xinjiang Uygur autonomous region, Kurban Niyaz realizes the importance of language in communication.

As was evidenced at the China International Import Expo in Shanghai earlier this month, China's own market-and particularly its middle-class consumers-represents a major opportunity for businesses around the world.

As the money flowed in, many companies have prioritized customer acquisition over profitability by offering deep discounts or free small-ticket deliveries. This has resulted in exponential expansion of the market with an annual growth rate of over 40 percent, said Eric Hor, associate partner of global consultancy Prophet.

As the US dollar index sharply rose to 103 on March 20 from 94.6 on March 9, the RMB depreciated against the greenback by 2.4 percent. "The RMB performed the best among major currencies (amid the market turmoil)," said Zhu, compared with the 6.3 percent drop by the euro and a 12 percent decline by sterling against the US dollar.

As the two largest countries bearing significant responsibility for the global economic system, China and the US need to build a win-win bilateral relationship, and protectionism is the enemy of both, said Barshefsky.