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"Creating a new chilled milk brand for Chinese consumers will enable them to upgrade their dairy consumption," said the statement, without elaborating on the details of the new product or the brand, nor the size of the investment.

"China's unprecedented economic growth over the past 40 years is a testament to the importance of an economy embracing global business and international markets. Over the past half century, China has transitioned from a closed, agriculture-based economy to one that is vibrant and deeply connected across virtually every sector in the world," she said.

"Conditions in the agricultural sector reportedly improved somewhat, but contacts were concerned about the effect of potentially higher tariffs on their exports," the Fed said.

"Companies from Europe and other parts of the world are all part of China's story of development", he said, adding they will continue to achieve mutual benefit through their operation in China.

"China will not envy others, nor will it complain if others benefit from China's development," he said.