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"China has been a staunch supporter and defender of globalization," he said. But globalization in the post-COVID-19 era may require changes to address inequality, environmental degradation and social issues, he added.

"China and the EU should be partners for free trade. Apart from a high-quality investment agreement, we should work for an early start of negotiations on a free-trade agreement, or at least the launch of feasibility studies on that front."

"By hosting diplomatic events at home, Beijing shows its resolution and ability to fly the banner of globalization and lead the process of multilateral cooperation," said Ji, from the China Institutes of Contemporary International Relations.

"China is our fastest growing market year-on-year," Brand said during a London reception marking ACCA's 30th anniversary in the Chinese mainland.

"China is no longer copying the US. Now the reverse is true. Facebook has copied WeChat in private group messaging and followed 15-second video app TikTok. Amazon has imitated Alibaba in online retailing. Lime has followed China's original Mobike and Ofo brands in bike-sharing," said the report.