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"Chinese companies already have a high chance of securing contracts for infrastructure and industrial projects, as they enjoy the support of financial institutions such as the Asian Infrastructure Investment Bank and the Silk Road Fund, as well as governmental agreements. They should boost their chances even further by relying on experienced legal brains," he said.

"Coming as it does in the current context may add fuel to existing bilateral flames," Paal, now a distinguished fellow in the Asia Program at the Carnegie Endowment for International Peace, told China Daily. "It's the context of the US election and not the report that is crucial."

"Chinese companies have participated in some heavyweight projects in Italy," he said, adding that China and Italy will soon renew the action plan for cooperation, which expired at the end of last year.

"Chinese technical colleges are well-advanced in industrial production. I believe the exchange programs will also bolster our efforts in strengthening engineering and science courses in our institutions," he said.

"China will lead the world in the sharing economy and become the center of transportation reform in the following 10 years," Cheng expected.