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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.

"Chinese producers have been going overseas to seek mining resources such as iron ore to ensure stable and low-cost supplies, as the nation sees its dependency rate on imported iron ore exceeding 80 percent," said Zhu.

"Compared to Europe and the United States, we have lots of predators here and a lot of people who shoot these birds," said Jaime Lim, one of the Philippines' best-known pigeon fanciers - as the pursuit's devotees are known.

"China's automotive industry has basically returned to normal," said Chen Shihua, a deputy secretary-general of the organization.

"Combining the companies that started it all will mean that two trail-blazing startups have become a clear global leader," Grubhub CEO Matt Maloney said in a statement.