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"China is one of the most important investment destinations for Temasek, and we remain optimistic on China's trajectory in the medium to long term," said Wu Yibing, head of China, Temasek.

"China has shared the genome sequence of the COVID-19 virus to the world. Singapore has used this to develop a testing kit and diagnostic protocol," she said.

"China is at a new historic juncture," said Liu, "China's main task now is to address the imbalances and inadequacies in our development in order to meet the people's ever-growing needs for a better life. This will determine what policies and strategies China will adopt."

"China certainly takes more from Australia than it exports to Australia," he said. "Just look at Australia's exports of agricultural products such as olive oil, honey, fruit, sea food, wine, cheese and meat. Australia can't produce enough to meet the demand in China.

"China is undergoing a huge demographic shift, with the proportion of its elderly population aged over 65 on track to grow from 10 percent (of total population) today to 24 percent by 2050," said Domenico Savarese, global head of ageing at Swiss Re.