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"But we do not have star models and high-end brands competitive at the global level," Xu Chaoqian, an official at the Ministry of Science and Technology, said at a forum on automotive industry development earlier this year in Tianjin.

"China has already started the approval process for the RCEP agreement, and plans to conclude all the preparatory work and get the green light at home in six months," said Yang Zhengwei, deputy director-general of the Ministry of Commerce's Department of International Trade and Economic Affairs.

"China depends on the South China Sea for its commerce. Therefore, in order to secure this vital trade passageway, China has a strong interest in regional stability and freedom of navigation in the South China Sea," Gao said.

"COVID-19 is not only hitting the poor the hardest, it is creating 'new poor.' The region is confronted with an unprecedented set of challenges, and governments are facing tough choices," said Victoria Kwakwa, vice-president for East Asia and the Pacific at the World Bank.

"China could be more open to foreign investment, including that from US enterprises," said Xu.