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"China's 'new infrastructure' initiative presents exciting opportunities for global companies. It is clear that many of our customers in different sectors need to enhance their manufacturing capability, such as new energy vehicles, railway, 5G equipment, logistics and healthcare," said Atiya, who is also a member of ABB's group executive committee.

"Consumers hope instant foods taste like freshly-made meals, and more varieties are expected to emerge to fulfill diversified demand. Next, the innovation of instant foods should offer more added value in terms of flavor, food safety and healthiness, quality of raw materials and production technologies," she added.

"China was going very fast, and the emphasis was on the rate of growth. In the new era, China will grow more slowly, but the emphasis would be on the quality of growth," Thornton said, adding that this is a good sign of economic maturity.

"Companies from both nations are highly complementary, showing great potential and broad prospects for cooperation in third-party markets," Wang said. "Austria has unique advantages in fields including mechanical equipment manufacturing, environmental protection, engineering design and healthcare. China has rich experience in fields such as infrastructure, energy development, machinery and equipment and financing."

"Considering the billions of doses needed, and the risk [of] falling at the back of a very long line for Western vaccines, the appeal of the Chinese vaccines is apparent," Taimur Baig, chief economist and managing director at DBS Group Research, said in a note to US business news channel CNBC.