China's energy transition serves as a significant opportunity for multinational companies to deepen their market development amid the improved business environment in the country in recent years, a top executive of Fortescue said.

"China is already showing strong leadership in developing green solutions, accelerating its investment in renewable energy, technology and manufacturing," said Dino Otranto, CEO of Australia-based Fortescue Metals.

"We are already exploring a range of options to reduce emissions in the steel value chain. This includes partnerships with Chinese suppliers, customers and research institutes. Already, we are seeing strong demand for a high-grade product, which is also beneficial for producing green iron and green steel, an area we see as another significant growth opportunity," he said.

According to Otranto, China has been an important market for the Australia's iron ore giant ever since its first shipment 15 years ago.

"This year marks an important milestone in our relationship with China, as we extend our friendship beyond our existing iron ore supply chain to work together on green technology, green energy and green metals," he said.

"We remain committed to investing in the growth of iron ore business."

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