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"China has accumulated rich experiences in dealing with crises of various kinds after 40 years of reform and opening-up, which boosted China's confidence about the future of its economy," said Ning.

"China is already the world's largest exporter and is catching up with the US on import volumes. The resulting trade relationships that China develops add to its global leverage," Agence France-Presse commented recently.

"CIIE serves as the platform for international procurement, investment promotion, cultural exchange, and opening-up and cooperation," said Wang Bingnan, vice-minister of commerce and director of the CIIE Bureau, while addressing the ceremony. "Amid the COVID-19 pandemic, to successfully host the third CIIE shows China's crucial role and responsibility in restoring the global economy," he added.

"China is about 30 percent of the global market for semiconductors," Mike Russo, vice-president of SEMI, an advocacy group, told China Daily. "The industry as a whole and all nations involved benefit from access to markets. Companies re-invest profits in research and leverage new technology. Folks are jockeying for access — no one has sewn it up."

"By the end of this year, we plan to finish establishing remote monitoring systems in major hazardous enterprises. We will also speed up automation of those industries and blacklist violators of safety regulations," he said.