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China is ramping up financial support for the domestic economy, including a cut in banks' required reserves, officials said on Friday. Also, targeted measures in issuing bonds and injecting liquidity will help bail out the corporate sector with the global spread of the novel coronavirus.

China is competitive in electricity equipment and technology, which will help the world in electricity supply and energy transformation, he said.

China is Vale's biggest market, with 197 million tons of iron ore and pellets exported to China out of its total production of 343 million tons in 2017.

China is also a large and fast-growing source of aid and the largest source of infrastructure financing, supporting many of Africa's most ambitious infrastructure developments in recent years, according to the report.

China is one of the world's largest markets for green finance. The country's central bank is set to play a key role in China's transition to a low-carbon economy, especially in promoting a "green" financial system. [Photo/Sipa]