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China's business finance climate has improved, backed by encouraging policies from both central and local governments according to a Cheung Kong Graduate School of Business professor.

China's better-than-expected expansion in its January non-manufacturing Purchasing Manager's Index, along with the efforts by the authorities to contain the virus outbreak, will help push back against some of the fears surrounding the epidemic's impact on the country's economy, Otunuga said.

China will play an even more significant global role in the finance sector, according to the head of the global governing body for professional accountants.

China will “absolutely not” fire the first shot in a trade war with the United States and will not be the first to levy tariffs, the Ministry of Finance said on Wednesday.

China's Commerce Ministry said on Thursday that the country does not want an escalation of trade friction with the United States.