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"China Baowu is not only China's largest steel-maker, but also a pioneer in state-of-the-art technology application. Exploring the possibilities of yuan-denominated settlement via blockchain is a new proof," said Zhang.

"China has a population of 1.4 billion, of which 400 million are considered as middle-income, which means there's a huge domestic consumer market with rapid growth potential," he said. Therefore, he added, China's foreign trade partners and investors have attached more importance to the Chinese market.

"CASME used to be a grassroots association seldom participating in international activities. However, since the first half of last year, especially since May this year when the Belt and Road Forum for International Cooperation was held, more associations like CASME in countries such as United States, Russia and Singapore have contacted us for cooperation," said Ren Xinglei, senior vice-chairman of CASME, in Beijing Thursday.

"China is opening up faster than most people believe or think," Henry Fernandez, MSCI's chief executive officer, said on Thursday. "We do not see any regression on that. If anything, we see a speeding up."

"China is Estonia's largest export market in Asia. In the first half of this year, Estonia's exports to China increased by 22 percent year on year," he said.