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"By deploying leading technologies and business models with CRC in the polyester value chain, we hope to create a more competitive and sustainable future together," said Yang Xiaoping, BP's president for China.

"But the outlook will be more challenging this year as banks are asked to lend more to private enterprises and at lower rates," she said.

"China is a strategic country for the Port of Valencia, given that 50 percent of foreign trade between Spain and China passes through it," said Francesc Sanchez, general director of the Port Authority of Valencia.

"China is good at scaling up the innovation that will have global impact. Whenever there's a new technology or a new industry, China is a good place to scale it up," he said.

"China and Japan should work together to build the East China Sea into the sea of peace, cooperation and friendship," said the press release.