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Companies specializing in key industries, such as integrated circuits, artificial intelligence, biomedicine and civil aviation, will be granted a 15 percent business income tax for five years after their registration in the area. Under the country's tax system, the business income tax rate usually is 25 percent.

Confucianism, with its core concepts of harmony with diversity and seeking common ground despite differences, is at the heart of what has made China the soft power in Asia for centuries.

Compared with other challenges, the coronavirus outbreak is extra tough because of its lengthy duration.

Computer, communication and electronic equipment manufacturing is expected to have the largest number of companies with profit growth. Chemical and machinery companies also expect satisfactory profit growth as China's continued emphasis on industrial restructuring has tackled overcapacity and prompted rising prices in industrial products.

Confronted by rising unilateralism and protectionism, the president said the two countries need to strengthen coordination and collaboration in the multilateral platforms, such as in the United Nations and within the framework of East Asia cooperation and Lancang-Mekong cooperation.