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"China has recovered from the pandemic in an exceptional manner. We have seen the quick recovery of the Chinese economy and the construction industry that Caterpillar serves. In our segment, the Asia-Pacific region has remained largely positive in the third quarter, driven by the continued strong demand in China," said Chen Qihua, vice-president of China operations at Caterpillar.

"China has made rapid progress in improving its business climate for domestic small and medium enterprises in the past year. This progress, which now puts China among the top 50 economies in the world, signals the value the government places on nurturing entrepreneurship and private enterprise," said Bert Hofman, World Bank country director for China.

"China is so charming, and with continued reform and opening-up, I cannot even imagine what it will be like in another 40 years," he said. "I want to stay and be a part of it."

"COVID-19 has connected us and made us re-examine our responsibilities, both as individuals and as businesspeople," said Yu Xubo, president of the centrally-administrated State-owned enterprise.

"China is a country with a high savings rate, which currently stands at 46 percent, and the large amount of savings is transformed through banks into corporate loans, which is likely to drive up the leverage ratio."