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China is rich in coal deposits while short in petroleum and gas. In 2017, China imported more than 400 million tonnes of petroleum and 94.6 billion cubic meters of gas, and the volume is expected to rise in the future.
China has scrapped its list of recommended battery suppliers as part of its efforts to further open up the world's largest electric car market. Analysts said the move will help boost the industry.
China is set to become the world's largest payment market by 2020, according to research firm Global Data Plc.
China has strictly followed the WTO's rules on investment, said Qi Tong, professor with Wuhan University's Institute of International Law. China had revised its major laws on foreign investment prior to its WTO entry and has continuously relaxed market access to fulfill its commitments on opening-up in service trade, he said.
China is the company's second largest market, behind only the US, Makatsaria said. As China remains a key growth engine globally for Johnson & Johnson, the company hopes that China will overtake the US and become the group's largest income contributor in the near future, he added.