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China's Cabinet-level financial regulatory body is urging support for the country's economic recovery, accelerating the reform of small and medium-sized commercial banks, and cracking down on financial fraud in the capital market, the State Council's website reported on Monday.

China will stick to its path of peaceful development, uphold a mutually beneficial and open strategy and push to build a new type of international relations with mutual respect, justice and cooperation, Xi said.

China's People's Daily reported on Thursday that the drug Remdesivir is "officially" in the clinical trial stage on novel coronavirus patients, in Wuhan's Jinyintan hospital. Reports indicate that the trial will include 453 critically ill patients and 308 with less severe symptoms.

China will launch policies to expand the business scope of foreign institutions, such as abandoning the requirement on foreign banks to conduct business in the country for at least one year before applying to the regulator to conduct renminbi business. It will also lower the threshold for foreign bank branches to accept a fixed-term RMB retail deposit to 500,000 yuan (,912), the regulator said.

China's "prudent" monetary policy stance has not changed and even has room to lower interest rates and increase liquidity, depending on the domestic economic outlook, Yi Gang, governor of the central bank, said on Sunday.