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"China's rejection will only push the global waste recycling technologies to make breakthroughs," he said. "Yet, for some countries that habitually export solid rubbish to China, it is hard to accept this reality."

"China's 'new infrastructure' initiative presents exciting opportunities for global companies. It is clear that many of our customers in different sectors need to enhance their manufacturing capability, such as new energy vehicles, railway, 5G equipment, logistics and healthcare," said Atiya, who is also a member of ABB's group executive committee.

"Commercial vehicle users are largely vehicle fleets, companies and governments. The immediate benefits for them from applying autonomous driving to commercial vehicles are lowered costs, risks, emissions and traffic accidents."

"China would not give up an inch of its territory," he said.

"China was working to improve flexibility of the RMB exchange rate while maintaining a stable equilibrium. And the RMB has successfully avoided competitive depreciation against other major currencies," he said.