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"Chinese consumers play an important role in today's global tourism market. China has been a critical market for us," said Joshua Law, vice-president of Qatar Airways' North Asia operations.

"China, as the world's largest importer and consumer of iron ore, has the obligation to provide an open, transparent and fair price benchmark reflecting the real supply and demand situation on the global iron ore market," said Li Zhengqiang, chairman of the exchange.

"China welcomes the fact that the relevant parties have then come back to the track of consultation in seeking a solution and reached consensus on a technical renewal of the mandate," he added.

"Consumers already know that they are participating by Nov 1 and often even know what they want to buy as they would have to pay a deposit for popular items. Hence, this additional window serves to bring the transactions forward," Ong said.

"China's experiences will benefit other countries as well, as more countries see China as an example to emulate, a model of development that could mean moving from rags to riches within a generation," Hofman added.