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China's fiscal framework has made significant strides over the last decade, through more comprehensive budget reporting and the development of more transparent municipal financing channels. Fiscal reforms are nevertheless far from complete, said Fennell.

China's efforts to ease financial burdens for businesses are paying off, as figures released on Monday show GDP growth hit 6.9 percent for the first quarter, with investment picking up and retail rebounding.[Photo by Duan Bingde/for China Daily]

China's competitive advantage in attracting foreign investment will not be changed by the novel coronavirus epidemic, the Ministry of Commerce said.

China's foreign direct investment increased 3.3 percent year-on-year to 701.16 billion yuan (1.23 billion) in the same period, with the FDI rising by 7.2 percent year-on-year to 64.46 billion yuan in October, the MOC said.

China's grain output grew at an average annual rate of 2.6 percent from 1949 to reach 658 billion kg in 2018, managing to feed around 20 percent of the world's population with only less than 9 percent of the world's arable land, according to the report.