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"It would be difficult to challenge the dollar's dominance in oil pricing in the short term," Gu said. "In the long term, however, multi-currency pricing will become a trend in the future."

The strategy isn't a wise one, especially in today's world where the economic and trade interests of all countries are intertwined. If a trade war breaks out, no one escapes unscathed.

Chinese enterprise investment in Germany has increased significantly in recent years, with many Chinese companies setting up research and development centers in Germany. The increasing number of China-Germany industrial parks also foster strong industrial cooperation between the two countries.

Despite the rising protectionism in major economies, China has remained a staunch champion for free trade. In his report, Premier Li reiterated China's support for promoting economic globalization and protecting free trade.

The network will help Chinese courts improve efficiency in handling cases, urge dishonest people to implement legal instruments, and promote public credibility of the judiciary, the SPC said.