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But futures for West Texas Intermediate crude oil, the gauge for US prices, fell about 27 percent to .28 a barrel, counterpointing optimism in equities. Oil is often viewed as a proxy for future economic activity. Brent crude, the worldwide benchmark, fell 6.69 percent to .15 percent.

But rising demand is only one side of the story. China's share in the global output has jumped from just 6 percent in 2007 to around one-third in 2017. This is because the country is building more comprehensive domestic supply chains, reducing reliance on imported intermediate inputs.

But she also said that the union will continue to work to open a credible political path toward the de-nuclearisation of the Korean Peninsula. "It will be one of the core issues also of my agenda in New York next week, at the UN General Assembly ministerial week," said Mogherini.

But current laws and regulations related to labor rights and interests are all based on labor contracts or formal employment relationships, he said.

But he said shifting things underground is just one way of coping as the city-state grows: "It is the next frontier, but not the final frontier.