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Analysts believe China's recent moves will bring in overseas capital, technologies and talent, which will likely help upgrade local industries.

And I think it's important that the plans are executed so that the world can truly enjoy the benefits of open market access and a transparent, fair and level playing field. These initiatives are already on track in China, and I certainly hope that they will be successful in the future.

And all countries, he said, need to guard against the risks of drastic adjustments of asset prices. Could China's corporate sector, which has a relatively higher leverage level, spark the next financial crisis after the GFC a decade ago?

Analysts said export growth will continue to be a main contributor to China's growth as investment growth is expected to weaken this year.

Angela Merkel hailed China's decisive steps in coping with the outbreak, which she said have won a high degree of support from the Chinese people.