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"But the RCEP, based on WTO rules, can be seen as a pilot area for the WTO to provide experience for a global trading system," he said.

"Carmakers are accelerating the push for making a major foray into connected and intelligent cars. With advantages in areas like 5G technologies, in-vehicle computing platforms and cloud services, Huawei will be an enabler that helps carmakers to offer next-generation smart products."

"China has managed the aftermath of coronavirus much more efficiently than Western economies and will therefore catch up with these economies rather more quickly," he said.

"China is further opening up its market to foreign investors by lifting entry barriers. We hope the expanded pilot program, laws and rules will further promote cross-border investment in transportation, education, healthcare, finance and professional services," said Gavin Guo, international partner of the Shanghai-based Kewei Law Firm.

"China is quickly becoming an important development and production base for BMW's new energy vehicles," said Krueger.