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"But the fact that we've got the same product as them makes it very difficult to say that Australians can't call the same honey by the same name.

"China holds the promise to become a primary source of many next-generation medical technologies. Medtronic is determined to capture the opportunity through continued investments in local R&D capabilities and technology partnerships, as we believe technology has greater potential in addressing unmet medical needs - which will therefore drive our business presence," said Gu.

"China has developed the new energy vehicle industry for almost 10 years. The customers have learned to buy electric cars, which will help expand the market," said Cai Jianjun, executive vice-president of Aiways.

"China is no longer betting on exports to drive up the economy, cultivating new growth points in technology upgrades, stimulation to domestic consumption and adequate investments in fast-growing sectors in global investment destinations－they have all become indispensable parts for the country to boost its economy," said Wang Huiyao, president of the Center for China and Globalization.

"China can adopt effective international practices while charting a path that befits its unique characteristics."