Global paints and coatings company AkzoNobel said it expects its business growth in the Chinese market to "maintain the current momentum" in the coming years, despite concerns that tightening housing policy could deal a blow to the industry.

The Chinese market generated 1.77 billion euros ($2.20 billion) in revenue for it in 2016, down 3.3 percent from 1.83 billion euros a year earlier, according to the company's annual report.

AkzoNobel now operates in around 80 countries with 46,000 employees globally, with its China-based staff comprising 15 percent.

The chemicals company owns a number of well-known brands, including Dulux, Sikkens, International, Interpon and Eka. It is the coatings supplier for many famous buildings in China, including Hong Kong's IFC and the Hong Kong-Zhuhai-Macao Bridge.

The company is investing actively in China to strengthen its presence in the country. A new plant producing powder coatings is coming up in Changzhou of eastern Jiangsu province.