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He said closer bilateral cooperation will contribute more to the peace and development in both countries, the region and the world.

He said if producers don't take advantage of the current momentum to adjust the structure, the steel industry is likely to face problems again. "Not only will the previous efforts of cutting overcapacity give up, the difficulty of further adjustment in the future will be greater."

He predicted both business revenue and profits in the sector to expand 8 percent, with exports in 2017 to end two years of negative growth. The sector's recovery came as China's economy has gained a steadier footing in recent months, with growth expanding 6.9 percent for the first half of 2017, better than market expectations.

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He pointed out that President Xi Jinping paid a state visit to Italy in March, and Italian Prime Minister Giuseppe Conte attended the Belt and Road Forum for International Cooperation in Beijing in April.

He said analysis shows the sorts of mutations found in the virus are "clearly natural and not man-made".

He said Chinese carmakers that have established overseas sales network may also seize the opportunity and speed up their foray into local markets with used vehicles.

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He said "significant" progress in the BRI's five dimensions of cooperation－policy coordination, infrastructure development, trade and investment, financial integration and people-to-people connectivity－in the Philippines "underscores the rising stakes in and the deepening complex interdependence of Philippines-China relations".

He said China Energy will further improve the clean and efficient use of coal, while facilitating clean renewables such as wind and hydrogen energies.

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He said he believes that with the joint efforts of entrepreneurs and business communities from the two countries, the mutually beneficial economic and trade cooperation in the new era will open a new chapter and bring more benefits to the two countries and their peoples.

He said that in advanced economies, rather than compounding the climate crisis by looking backwards to coal and fossil fuels, leaders must view post-pandemic recoveries through the lens of opportunity, heed what the market is telling them, harness renewables, and return people to work in green and blue industries. Governments and the private sector must lead a transparent transition to a more climate-resilient financial sector, beginning with regular reporting of corporate climate risks.