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Holly Lei, president of Covestro China, said after the upgrading, the company could better coordinate global resources to grow together with China.

Seven decades ago, the war-ravaged country started from scratch. Observers are astonished at China's large-scale modernization, its reduction of the number of people living in poverty and the sheer volume of its consumer market. Their heads have been turned not only because of the speed of the transition but also by the unique path taken to realize this great transformation.

By the end of the second quarter of 2019, the outstanding loans for poverty alleviation of development and policy banks accounted for more than half of total poverty relief loans in the whole banking sector, according to the China Banking and Insurance Regulatory Commission.

The moves are aimed at promoting joint exploration of oil and gas to engineer substantial progress at an early date.

Many developing countries, including Pacific island nations such as the Solomon Islands, are attracted to cooperation with China as China does not seek hegemony and provides developing opportunities with no strings attached, said Su Xiaohui, a researcher with the China Institute of International Studies.