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China expressed "grave concerns" over the decision.

China has become the most developed country for e-commerce, but it still remains very attractive to global hypermarket, supermarket and convenience store chains. German supermarket chain Aldi and US warehouse club chain Costco opened their first stores in Shanghai in the past year. They have seen strong sales and heavy footfalls, suggesting significant growth prospects.

China has over 30 million SMEs and micro business as well as 87 million people who are self-employed, and they account for over 80 percent of urban employment.

China has built 21 LNG receiving terminals across the nation, with an annual receiving capacity of 80 million tons, according to CNOOC Chairman Yang Hua.

China has been the world's largest industrial robot market for four consecutive years, according to Wang Xiangrui, president of the China Machinery Industry Federation. Sales of industrial robots reached 89,000 units in 2016, and the figure is expected to rise to 150,000 by 2020.