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"Going ahead our association will actively work to facilitate global communications and cooperation," he said.

"Financing for new projects should be better controlled," said the report, highlighting that financial institutions are forbidden from providing capital for projects without a stable cash flow or legal guarantees.

"For the last few years, there's been so much talk about strategic rivalry among the major powers, perhaps between China and the United States about the so- called Thucydides Trap," he said.

"For example, if a homegrown enterprise plans to extend its business abroad, it can obtain one-stop legal advice regarding policies both at home and abroad at such a cooperative office," Zhang said.

"Given the huge economic problems caused by the pandemic and the US-China trade war, it is imperative that the EU and China make progress toward an investment agreement," Fraser Cameron, director of the EU-China Center, a Brussels-based think tank, said on Tuesday.