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China has insisted that the 16+1 cooperation, carried out within the framework of China-Europe relationship and under European Union (EU) laws and regulations, is open and transparent.

China has been Germany's biggest trading partner since 2016. In 2017 alone, the bilateral trade volume amounted to more than 187 billion euros (3 billion), according to Hamburg Chamber of Commerce.

China has been stepping up efforts to improve financing efficiency for the real economy, with targeted measures to expand financing channels and reduce financing costs for small and micro firms.

China has limited production capacity to supply raw materials for steel production, and more than 80 percent of iron, manganese and nickel ores are imports, while almost all chrome ores are imported, with import sources highly concentrated in a few countries, according to Li, who is also deputy head of the China Iron and Steel Association.

China has instructed its banking sector to ensure the implementation of the policy that allows eligible companies to delay loan or interest payments until the end of June, said a regulatory official on Sunday.