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"China's foreign exchange reserve currency structure is diversified, even more diversified than the world's average level," said Wang Chunying, a SAFE spokesperson.

"Courts are required to apply different degrees of judicial policies to property rights and economic disputes," said Wang Haiyan, professor at China University of Political Science and Law, adding that applying the measures used to tackle criminal offenses to economic disputes is strictly prohibited.

"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.

"China, however, is still at an early stage in the sector," Hoogewerf said.

"China's reform and opening-up started with the coastal area. East China got into international trade and resources allocation earlier than the other regions, and thus had the first mover advantage to attract foreign investment and develop industrial chains," said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation.