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Chen Lizhe, sales chief of Volvo Car Greater China, said last week that the company, owned by Chinese billionaire Li Shufu, will launch an imported all-new XC40 compact SUV in the Chinese market later this year. He added local production of the model will start in China from 2019.

Chen Xi, vice-president of marketing and sales at Dongfeng Renault, said: "Our entire Renault portfolio is built to fit into the different stages of people's lives.

China Baowu's crude steel capacity accounted for only 7.9 percent of China's total in 2016, while Pohang Iron and Steel Co in South Korea produced 37.5 million tons last year, accounting for 54.6 percent of the country's total and Japan's Nippon Steel & Sumitomo Metal Co took 44.1 percent, data from Lange Steel Information Center show.

Chester said Africa Oil and Power events will be an important meeting place and venue for deal-making and strategic discussion on the current state and the future of Africa-China energy relations.

Chen from Peking University said the strong rebound in fixed-asset investment has helped drive the economic recovery. "The investment growth rate reached higher than the pre-crisis level, registering sound growth momentum."