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As the country continued to transition its economy, the service sector prospered and contributed to nearly 60 percent of GDP growth.

As well as offering opportunities for companies from G20 countries to further diversify market channels in China, the CIIE is also welcoming more than 30 of the world's 44 least-developed countries.

As the epidemic was gradually contained in the country, firms had resumed work in March while potential buyers started to visit physical stores, adding to signs that the auto market would rebound, it said.

As the first Chinese brand to achieve 2,000 kilometers of autonomous driving and to mass-produce Level 2 autonomous driving vehicles, Changan has been dedicated to the research and development of IoV for eight years and reached Level 4 autonomous driving.

As the tax and fee cut plan and downside pressure entail slower fiscal revenue growth this year, the country does face challenges of maintaining the balance between spending and revenue, Liu said.