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"No matter what verdict the arbitration case will be, it is unlawful and invalid. China will not accept nor recognize it," Ouyang said.

Earlier Friday, Chinese Vice Premier Wang Yang and Turnbull together met with entrepreneurs that participated in the fifth Australia-China CEO Roundtable Meeting.

China is also ready to encourage its companies to play an active part in the Chinese industrial park project inside Oman's Special Economic Zone of Duqm, he said, adding that Beijing would like to join Oman in expanding their cooperation in telecommunications, finance, investment, aerospace, petrochemical industries and renewable energies.

The two countries face tough challenges in developing economies and share huge opportunities for cooperation, he said.

China has increased the level of central government debt at a prudential and proper rate, but it aims to advance reform and push for the deleveraging process of the society, he said.