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"China has faithfully fulfilled its WTO commitments and strived to integrate into the multilateral trading system," he said.

"But there is no need to panic. The contraction in earnings of most industrial sectors should substantially narrow in the second half of the year as domestic demand recovers," Yang said. He also underscored the importance of offering more tax relief and financial aid to hard-hit exporters as well as small businesses.

"Certainly, more people, gallerists and artists coming from China will only enhance what we are doing during Art Basel," he said. "It's a platform for peace, so that international people would get to know each other. It's an important way, since art is life."

"China has relied on digital technologies and decentralised economic policy to drive up consumption, rather than centralised stimulus payments through direct deposits or debt-financed guarantees as seen in Australia," they wrote.

"By staying within the WTO framework, that's consistent with the way international trade is regulated, and it does give a high ground that they are basically following the rules," he said of the Chinese mainland and several others that have filed the WTO cases over the US solar panel tariffs. But he said the US so far has been following the rules, too.