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"GIFT IFSC provides huge competitive advantage in terms of tax structure and supportive regulatory framework which is comparable with other global financial centers," he said, adding that other advantages include the waiver of taxes such as the security transaction, commodity transaction, dividend distribution and capital gains taxes, as well as the goods and services tax.

"Harmony but not sameness, diversity but not confrontation, these values are deep-rooted in the Chinese culture," said Cui, citing words by Confucius.

"For many industrial and tech sectors, this (the dual circulation pattern) means more onshore sourcing, onshore substitutes as backups or import substitution," said Wendy Liu, head of China Strategy at UBS Investment Bank.

"Given the capacity challenges faced by many African countries' weak health systems, the timely assistance by China will help save lives and give time to African governments to build domestic capacity to deal with the crisis," she said.

"From a global perspective, the level of the supply chain directly affects whether we can become a manufacturing power. It is an important task to empower the manufacturing industry through the development of industrial internet," Yao said.