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"China is not only our largest market in the world but also a leader in innovation and related services," said Jochen Goller, president and CEO of BMW Group China. "It is thus a country of strategic priority for us."

"China has undertaken substantial efforts to improve the domestic business climate for small and medium-size enterprises, maintaining an active pace of reforms," said Martin Raiser, World Bank country director for China.

"COVID-19 is not a Chinese virus, as the Spanish flu was not Spanish," he tweeted. "We all face a massive threat that requires global cooperation and all of us working hand in hand."

"China is entering into a new era, and it is one that is epitomized by both confidence and sophistication. It is also one based on knowledge, innovation and a strong will to drive critical global governance and leadership issues," he said.

"By signing the agreement, both nations can obtain more information and have a better understanding of each other's markets," said Toshihiro Iwasaki, chairman of the Japan Investment Trusts Association.