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China is now home to BMW's largest research and development facilities outside of Germany. He said, with them the company will tap even more into the huge potential of the market and develop technologies and products for global customers.

China is now the world's third largest LNG importer. According to energy consultancy Wood Mackenzie, the country is expected to surpass South Korea in 2018 and Japan by 2020 to become the largest LNG importer in the world.

China has taken steps to improve trade in services, including gradually opening up the finance, education, culture, and medical sectors.

China is likely to come up with a fiscal stimulus package during the upcoming annual meeting of the country's top legislature, including raising fiscal deficit and expanding government debt, to contain the economic impact of COVID-19 epidemic and accelerate recovery, according to officials and experts.

China is expected to use the 11th BRICS Summit in Brasilia, Brazil, to strengthen the partnership of emerging markets and send out a clear call for multilateralism to improve global governance as President Xi Jinping attends the two-day event starting Wednesday, officials and experts said.