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"China is on the way to become an important economic entity in the world and will shape the future of the global economy to a degree that we can currently not yet predict," Tan said.

"China is moving into its science and technology phase, and technological advancement relies on intangible assets such as patents and protecting intellectual property. It is important there are moves in this area," he said.

"By freeing up the local economy from pre-existing constraints on capital flows and having an improved climate for the development and protection of intellectual property rights, the FTZ can serve as an important catalyst for driving indigenous innovation," he said.

"CPEC is a comprehensive package of cooperative initiatives and projects encompassing regional connectivity, information network infrastructure, energy cooperation, industries, agricultural development, poverty alleviation, tourism and financial cooperation," said the minister.

"China is our second-largest market, after the United States. Danfoss has benefited from the increasing demand in infrastructure, food supply, energy efficiency, and climate-friendly solutions as the country's urbanization and green transformation goes on," said Kjeld Stark, president of Danfoss China.