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"China needs tempered hardwoods for certain looks and characteristics," he said. "China can get some of that from Europe but not much. We are a reliable supplier for them – far better than Europe, and we do it at a good price with good quality."

"By securing the production and supply agreements, Australians will be among the first in the world to receive a safe and effective vaccine, should it pass late-stage testing.

"China has created in the past 20 years many potential advantages, and it is starting to use some of them. But I think it can use those advantages much more quickly and strongly, particularly in the energy sector. China is in a good place to put these advantages to work," he said.

"By launching China's ore index, more accurate and precise price information can be provided for the operation of China's commodity market," said Yu Jianguo, general manager of Shanghai Ore International Trade Center, adding, "China will also increase its role in setting global prices and forming its own commodity price system."

"China has a firm stance to promote globalization amid protectionism threats," said Yuan Feng, head of the foreign investment department of the National Development and Reform Commission. "Recent efforts to ease or cancel existing restrictions on foreign investment in many fields demonstrate our determined willingness to continue promotion of opening-up."