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"China is going to eat our lunch? Come on, man! I mean, you know, they're not bad folks, folks. But guess what? They're not competition for us," he said.

"But other regions are catching up in terms of quality so it's not necessary to get all our crabs from Yangcheng Lake."

"China is one of the largest and fastest growing markets in the world and represents one of the most exciting opportunities for many of our clients and our firm," said Nicolas Aguzin, chairman and CEO of J.P. Morgan Asia Pacific.

"China and the Philippines have reached consensus on the joint development of oil and gas resources in the South China Sea and have established a cooperation mechanism for relevant consultations," Zhao said at a daily news briefing.

"But today, we are open and receptive to what the consumers have to say because we belong to them," Seth said.