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"Consumers nowadays have become increasingly sophisticated and therefore look for value before paying a premium price," Li said.

"China's support has been decisive," Rodriguez said, speaking highly of the enduring fraternal ties between the two nations amid the financial and economic sanctions imposed on Venezuela.

"China's full opening of the manufacturing industry is a clear indication of our opposition to trade and investment protectionism, and shows our clear support to widening and deepening the development of economic globalization," the National Development and Reform Commission said in the announcement on April 17.

"Customer demand in China, in particular, has struggled to recover following changes in import tariffs in July and intensifying competition on price, while ongoing global negotiations on potential trade agreements have dampened purchase considerations."

"China's regulators are probably just going to let it follow market forces at this point instead of using its precious dollar reserves to defend the currency," Lee said.