Monaco, the second smallest but also one of the richest countries in the world, boasts many business opportunities. Boosted by President Xi's visit, two-way trade is on a high-speed track. CGTN's Stefan de Vries tells us more.

Monaco is not just a stunning postcard image. The small city-state is also a bustling business hub on the Mediterranean. Trade between China and Monaco is now getting an extra boost with Xi Jinping's state visit. One of the country's largest companies is Monaco Telecom. They have a long relationship with China. The Principality will be the first country in the world to offer full 5G coverage. The network is built together with Huawei.

MARTIN PERONNET, CEO MONACO TELECOM "I have always found in Huawei a kind of entrepreneurial behaviour, that we share here as a small company. They're moving fast, and we aim to move fast as well. Maybe there is a kind of parallel between what we are doing with Huawei and what China is aiming to with Monaco."

"We have been introducing the latest technologies with them. So 5G will be the hype thing to have for a resident. And will very soon be at the heart of the smart city and of the new industrial revolution."

The state visit highlighted the many business opportunities in Monaco for Chinese companies. But also for Monegasque entrepreneurs in China. One of them is Thierry Boutsen. In the 1980's he was one of the most famous European Formula 1 pilots. Originally from Belgium, he has been living in Monaco for over 30 years. In1997 he launched his company, selling business and private jets. Boutsen now wants to conquer the Chinese market.

THIERRY BOUTSEN BOUTSEN AVIATION "We started developing the Chinese market four years ago. Business aviation is a small world in China, there are not many airplanes. But we have a very good introduction in the country and we enjoy doing business over there."

According to Thierry Boutsen, one of the main topics on the agenda between China and Monaco, is Climate Change.

THIERRY BOUTSEN BOUTSEN AVIATION "Monaco is pushing very much for development of the environment improvement. And China needs that of course, any country does of course, but China more than any other. So I think each country can learn from each other, doesn't matter how big it is or how small it is."

And learning from each other is exactly what Patrick Bogaerts tries to promote in Monaco. He wrote a book about his experiences "How to succeed in China" and is happy with the interest in Monaco.

PATRICK BOGAERTS GPS MONACO GROUP "I went to China 128 times, since 2001. The major mistake that is made by companies that want to do business with China is that they do it the way they would do it like in just another country in Europe. And you can't. Being there all the time, visiting the factories, going to factories, just spending time with them, is important. They are used to say that in Europe, you first do business and then you become friends. We first want to become friends, and then we do business."

That was also the goal of this weekend's state visit: To celebrate the growing friendship between the tiny state on the small Rock in the Mediterranean and the Giant in Asia. This is Stefan de Vries, in Monaco for CGTN.