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"But the mechanism may not have gone so well," said Dai Guanchun, a partner at Jingtian & Gongcheng, a Beijing-headquartered law firm.

"China is about 30 percent of the global market for semiconductors," Mike Russo, vice-president of SEMI, an advocacy group, told China Daily. "The industry as a whole and all nations involved benefit from access to markets. Companies re-invest profits in research and leverage new technology. Folks are jockeying for access — no one has sewn it up."

"China has consistently pursued the principle of non-interference in other countries' internal affairs, and we oppose foreign interference in the internal affairs of Venezuela," Foreign Ministry spokeswoman Hua Chunying said, calling on the international community to jointly contribute to achieving the goal.

"China has carried out major reforms on adjusting economic imbalances, such as taking corporate deleveraging as a primary task, which will ensure a more healthy and sustainable economic development from a mid - and long-term perspective. The country also ramped up efforts to open up further and shortened its negative list for foreign investors," said Wu Yibing, head of China affairs at Temasek.

"But perhaps Europe should first pay its fair share of NATO, which the US subsidizes greatly!" he tweeted.