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"China is a key partner, from which we can say that 99 percent of the experiences have been very positive," he said.

"China has the best petri dish, and could produce ventilators and masks for the public good," explained Robertson, vice-president and fellow at the Canadian Global Affairs Institute.

"China has become the largest trade partner for 25 of these countries," he said at a press conference.

"China is of strategic importance to Standard Chartered. We are honored to be the first international bank to be granted this license," said Bill Winters, group chief executive of Standard Chartered."China is already being recognized as a major financial market. We are excited to be part of this process as we work closely to support our clients in their custody needs."

"China has committed significant reform to its pharmaceutical regulatory review and approval process, protections of intellectual property and timely, predictable and transparent government reimbursement for innovative medicines, and I look forward to discussing ways the global biopharmaceutical industry can work collaboratively to help China realize these historic goals," he said.