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"But the mechanism may not have gone so well," said Dai Guanchun, a partner at Jingtian & Gongcheng, a Beijing-headquartered law firm.

"China and Japan are both beneficiaries and defenders of globalization and the international order," said Zhou Weisheng, an economics professor at Ritsumeikan University in Kyoto. "They should work together from a historical and long-term vision to be reformers of the order rather than destroyers," he said.

"China is now transitioning from the high-speed growth pattern to a stage of high quality development, paying more attention to creating jobs, increasing people's incomes and protecting the ecology and the environment, "Ning told media on Wednesday at a State Council Information Office news conference in Beijing.

"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.

"Central SOEs, however, have been doing a good job in environmental protection sectors," said Zhong.