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Bai, the researcher, said a holistic approach is needed to address certain issues about China's trade development, such as low added value of products. "The key reason behind it is the industry's lack of international competitiveness, followed by a lack of sufficient recognition of brands," he said. The building of international marketing systems, as mentioned in the guideline, is an effective solution to the problem so that Chinese companies can move up the value chain, he said.

Ba said easing credit policy could help offset the negative impact of higher interest rates on smaller businesses.

Bankruptcy of local governments was rarely mentioned in China before, and the official didn't release more details on the mechanism. It reflected that policymakers have noticed the potential challenges and more measures are expected to strengthen financial stability, analysts said. Total local government debt reached 19.9 trillion yuan (.89 trillion) by May, according to the Ministry of Finance.

Barr said that stopping the spread of COVID-19 was now the number one priority of state and federal governments.

Based on the report, Jiang will create a website featuring 1,001 questions regarding Dunhuang culture, as well as an online encyclopedia, said Jiang, who is a specialist at the museum of Xi'an Jiaotong-Liverpool University.