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China has seen a boom in industrial robots in recent years, recording average annual sales growth of 35 percent. In 2016, China manufactured 72,000 industrial robots, around a quarter of global output.

China is confident in and capable of eventually defeating the novel coronavirus epidemic, and believes that the governments and market players on the global supply chain will do more to facilitate both exports and imports of China, Wang added.

China is counting on entrepreneurship and innovation to stimulate the economy against the backdrop of slowing growth. A number of measures have been rolled out, including reduced red tape, tax breaks and other policy support.

China is currently BASF's third-largest market in the world, after Germany and the United States, he said.

China is leading the charge into the autonomous driving era, thanks to high-tech