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"By the end of this year, we plan to finish establishing remote monitoring systems in major hazardous enterprises. We will also speed up automation of those industries and blacklist violators of safety regulations," he said.

"China is quickly becoming an important development and production base for BMW's new energy vehicles," said Krueger.

"China has the best resources in frequency spectrum and base stations. Local consumers and enterprises have some of the highest enthusiasm and willingness to embrace 5G. And the governments have rolled out favorable policies," Xu said.

"CIIE serves as the platform for international procurement, investment promotion, cultural exchange, and opening-up and cooperation," said Wang Bingnan, vice-minister of commerce and director of the CIIE Bureau, while addressing the ceremony. "Amid the COVID-19 pandemic, to successfully host the third CIIE shows China's crucial role and responsibility in restoring the global economy," he added.

"China has developed a strong relationship with Portuguese-speaking countries in trade and economic cooperation, which in turn helps create growing demand for financial products," Ren said.