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"China's economic development will increasingly depend on domestic circulation, and the exports-to-GDP ratio will gradually decline to the levels of the United States and Japan," he added.

"China's Belt and Road Initiative will be a focus for discussion again this year, as the initiative is China's solution and wisdom for embracing globalization and to generate new growth opportunities for the global economy," Xu said.

"Currently, companies and related supply chain entities are resuming operations in an orderly manner. The nation's industrial economy is back on track in a positive direction," said Xin Guobin, vice-minister of industry and information technology, at a news conference in Beijing recently.

"China's strategic assessment is that COVID-19 will not change the theme of the times, which remains peace and development; it will not cut short the historical trend toward multipolarity and globalization," Wang said.

"Chinese consumption for fine fragrance is still at its early stage. It may take another five to 10 years for the Chinese market to become mature enough, which in turn provides many opportunities for Chinese and international brands to exploit," Cai said.