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Analysts said the upcoming meeting is significant not only for the China-EU relationship, but will also help boost international confidence in post-pandemic recovery amid mounting tensions between China and the United States.

Andrews also confirmed on Friday that two people had lost their lives as a result of the Victorian fires this week, taking the national death toll for the season to 19.

Andrew Steer, president of the Washington D.C.-based environmental group World Resources Institute, said on Monday in a statement that by withdrawing from the Paris Agreement, the Trump administration is showing that it cares about neither science nor economics.

Analysts said the State Grid, as well as other grid companies, are likely to raise their investments in pumped storage in the coming years.

Analysts believe that smaller Chinese city banks and rural lenders will appeal to major foreign players looking to invest in the sector, such as HSBC and Standard Chartered.