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"But we also face difficulties, as the standards are not so easily accepted among some countries," said Li.

"But we see that as an investment in the longer term. We are building our own type of intellectual property protection around it, so that we also have a sustainable profit model for the long term. I think in five to 10 years from now, bio-based will be the mainstream."

"By 2030, they think it's going to be a 150-billion-dollar market in China. They think it's going to reframe the basis of competition worldwide and add a trillion dollars to China's GDP."

"China hopes the two sides will cherish the positive progress made during this period of time, maintain patience, exchange goodwill, and move toward each other," Foreign Ministry spokesman Lu Kang said on Friday when commenting on Washington's abrupt withdrawal from a summit with DPRK top leader Kim Jong-un.

"China is still a developing country, and much remains to be desired in infrastructure and other fields. This development stage determines that we must have stable effective investment," Li said.