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China has pledged to stay committed to further opening up, with measures including the establishment of a sound negative list management system in cross-border service trade, and promoting open platforms for piloting innovative development of trade in services.

China is often known as the "Bicycle Kingdom" because of it massive population of bicycles. There were close to 500 million bicycle owners in China in the 1980s. Later, as cars became popular, bicycles were largely replaced and became a symbol of the poor.

China is targeting the massive overcapacity in its iron and steel sector and has vowed to continue with its overcapacity reduction this year. While some commentators and analysts have suggested the initiative could drag on iron demand in the world's second-biggest economy, Balhuizen said he was not concerned.

China is ABB's second-largest market, with no country-specific revenue being disclosed. The company said it has accumulated a compounded annual growth rate of 20 percent in the country from 2000 to 2018.

China is the largest trading partner of many countries, including Chile, he added.