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China is the world's largest steel producer. Hebei province is home to several large-scale steel plants. Iron ore demand in Tangshan city alone was 240 million tons last year, government data showed.

China is Audi's largest market worldwide, accounting for over 40 percent of its global deliveries. Despite the pandemic, Audi sold more than 580,080 vehicles in China in the first 10 months this year, up 5.4 percent year-on-year.

China is a partner, rather than a rival, and there is no fundamental conflict of interests between the two sides, he said, adding that the cooperation and consensus between them far outweighs competition and differences. He urged both sides to respect the other, seek common ground while shelving differences and keep enhancing mutual understanding and trust.

China has spent more on cleaning up its energy system than the United States and the European Union combined. Last year, it shelled out 2 billion, according to Bloomberg New Energy Finance.

China is preparing for the launch of a sci-tech innovation board in a bid to leverage financial reforms to boost the development of the high-tech sectors and to advance economic transition.