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China is expected to convene the tone-setting economic conference soon－reportedly next week. Economists at home and abroad said it may reaffirm the decisions made at the Political Bureau of the Communist Party of China Central Committee meeting on Dec 8, such as pushing the three major tasks of preventing major risks, reducing poverty in a targeted manner and controlling pollution.

China is Covestro's biggest single market and Shanghai is home to its largest plant while housing its Asia-Pacific innovation center, said Lei.

China is to develop its meteorological services and enhance its global forecast capabilities, Liu Yaming, China Meteorological Administration head, said.

China is expected to unveil a three-year action plan on SOE reform in the first quarter of next year and these measures are set to instill fresh momentum in the country's capital market, invigorate the real economy, cut overcapacity and SOEs' administrative functions, said Li Jin, chief researcher at the China Enterprise Research Institute in Beijing.

China hopes that Australia will correctly understand China's development path and strategic intentions, and strive to eliminate the "mutual trust deficit", he said.