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China has witnessed its VR industry expand rapidly as the country pushes for the high-quality development and extensive application of new technologies. According to the Ministry of Industry and Information Technology, China's VR market will be valued at 54.45 billion yuan (about billion) by 2021.

China is also willing to help WTO members in need implement the negotiation outcomes of the agreement and help the less developed countries (LDCs) integrate into the multilateral trading system, said Zhong.

China is in the midst of a widespread opening up of its domestic economy to foreign participation. It is further opening up its financial services markets, vehicle manufacturing, oil and gas exploration and so forth. In most sectors, foreign companies will be allowed 100-percent ownership. Plus, China has been strongly increasing its means to enforce intellectual property rights. Both the law and China's top leaders guarantee that foreign companies will not be forced to transfer technology.

China has witnessed a staggering freefall in the number of international flights after the aviation regulator rolled out orders cutting down flights in and out of the country to curtail the rising number of imported cases of the novel coronavirus.

China is facing growing intellectual property risks as China is quickening its overseas expansion, experts said on a forum on Friday.