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"By working together, our countries are demonstrating the value that closer ties and greater cooperation can deliver," said IDC Chairperson Busi Mabuza.

"China is one of the most important markets for the company, with a double-digit growth rate during the past 10 years, thanks to the country's economic growth," said Lin Liangqi, president of AkzoNobel China, the local unit.

"But we will be very cautious about overseas expansion, to ensure a steady development of the group," he added.

"China is taking the initiative to reduce production capacity based on its own national conditions. The efforts are to make the growth model and economic structure move to new economic drivers," he added.

"China has been a leader in testing, tracking and treatment, as well as lockdowns and social distancing," Sargent said during the 2020 Global Venture Capital Online Conference, adding that the Chinese government's fiscal and monetary policies have proven effective.