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"Cultural exchange is really strong and also in China the people are very curious and are open to trying new things," she said.

"China's textile industry saw robust development in the decade before and after its entry to the World Trade Organization in 2001, largely thanks to foreign trade," she said. "But low-quality Chinese textiles had begun to lose their price advantage in global markets by the time I graduated. It was then I realized that high-end textile manufacturing would be a new trend."

"Covering 29 percent of the global economy, the RCEP is a significant trade agreement in anyone's terms," said Melissa Conley-Tyler, director, diplomacy at Asialink, a think tank at the University of Melbourne.

"Congrats to Julia and Steven, the filmmakers behind American Factory, for telling such a complex, moving story about the very human consequences of wrenching economic change. Glad to see two talented and downright good people take home the Oscar for Higher Ground's first release," Barack Obama wrote after the award was announced.

"Chinese producers have been going overseas to seek mining resources such as iron ore to ensure stable and low-cost supplies, as the nation sees its dependency rate on imported iron ore exceeding 80 percent," said Zhu.