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"Giving the speech was an opportunity for China to more firmly cement its new reputation as a voice for increased globalization," Zhu said.

"Guizhou has already become an important part of the big data industry in China and even the world. The company will strengthen cooperation with Guizhou in a string of areas including cloud computing and digital governance," Huawei Vice-President Lu Yong said.

"First, incomes need to grow faster. Second, household consumption is rising and demand for high-quality goods and services is growing. However, there is still insufficient domestically made high-end products and services to meet demand."

"Global cooperation is ever so important to deal with a truly global crisis," said Gopinath, who warned that geopolitical and trade tensions could damage fragile global relationships at a time when trade is projected to collapse by around 12 percent.

"Government at all levels may maintain and expand the scheme of cutting taxes and administrative fees this year to support the real economy," said Wang Yuanhong, an economist at the State Information Center, a government think tank.