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As he put it, reform has set China on a rapid course of development. Penaranda mentioned China's progress in e-commerce, mobile payments and the pioneering high-speed railways in particular. All these have changed people's lives at home and also impacted those in the close vicinity of China, such as the Philippines, he said.

As far back as September 2001, Kweichow Moutai Co Ltd applied to register "Guojiu Moutai", or "Moutai the national alcohol", as a trademark, but was initially rejected in August 2002. The company tried a further nine times to register the trademark in 2006 and 2010, but these attempts were also unsuccessful.

As for MSCI, it said it would launch versions of some indexes that retain the barred Chinese companies' securities.

As cross-border e-commerce embraced robust growth, China's foreign trade also beat market expectations in recent months, despite adverse impacts from shrinking global demand and overseas restrictive measures to contain the pandemic.

As for Europe, Huawei is partnering with local telecom carriers such as Telefonica SA and Orange SA, building up their public cloud capability with the help of Huawei technology.