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However, Wen Bin, chief analyst at China Minsheng Bank, cautioned that China should still be watchful for the COVID-19 re-emergence as the global pandemic situation remains grave.

Wang made the remarks via video link at the 2020 New Economy Forum, which kicked off Monday via livestream to drive a constructive dialogue on an innovative economy and inclusive future.

U.S. arms sales to Taiwan have severely violated the one-China principle and the three China-U.S. joint communiques, especially the August 17 Communique, Tan said.

The HKSAR government reiterated that Hong Kong matters are internal affairs of China and urged relevant foreign governments and individuals to adhere to the international laws and the basic guiding principles of international relations, and cease to interfere in HKSAR affairs in any manner.

Under this new development model, China will strive to improve the allocation of resources, pursue coordinated regional development, and open up the economy further.