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China has established one of the world's largest agent banking networks, said the report, jointly written by the People's Bank of China and the World Bank Group.

China has introduced a raft of opening-up policies in the banking and insurance sectors over the last two years, including expanding the business scope of foreign-invested firms and easing market access.

China has been stepping up efforts in recent years to allow foreign investors wider access into the fast-growing domestic bond market, including encouraging the issuance of "panda bonds," or yuan-denominated debts, sold by foreign issuers in China.

China has a huge market and is a leading manufacturer, while Israel is one of the leading nations in innovation. In recent years, the two nations have stepped up hi-tech cooperation, mainly focusing on information technology, life sciences and healthcare, cyber security, energy, advanced manufacturing and robotics.

China has already forged a variety of gas cooperation deals and undertaken investments in recent years with the SCO members, including the Yamal liquified natural gas project in the Arctic region of Russia between CNPC, the country's largest oil and gas producer by annual output, and Novatek, Russia's independent natural gas producer.