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China's local government debt soared during an investment and construction binge following the global financial crisis in 2008. Well aware of the risks, authorities have rolled out a string of measures to reduce the local debt burden.

China's fiscal revenue rose by 4.7 percent during the third quarter of the year on the back of sustained economic recovery and robust industrial output, while government spending is expected to shore up growth in the subsequent months, according to the Ministry of Finance.

China's effort to reduce the corporate tax burden has played a positive role in boosting economic growth, experts said on Wednesday, calling on the government to further deepen tax reform to cushion the potential impact of US President Donald Trump's proposal for massive corporate tax cuts.

China's local economic development last year also featured more balanced growth as the less developed regions, such as northwestern Qinghai province and southwestern Tibet autonomous region, have achieved growth rates higher than the overall national growth, which will help the country's drive to alleviate poverty, Zhou said.

China's factories can make the protective gear and medicines needed to fight the virus, it stated. China's medical personnel and scientists also can share their valuable clinical experience and work with their counterparts in the US to develop the vaccine and treatment to curb the disease.