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China is also the fifth largest goods trade partner of Ireland both in terms of exports and imports, according to the CSO. In 2019, Ireland's goods exports to and imports from China were valued at 8.93 billion euros and 5.25 billion euros respectively.

China is already a leading market globally for venture capital in technologies including virtual reality, artificial intelligence, autonomous vehicles, and 3D printing, with about one third of the world's "unicorn" companies (startups valued at more than billion) hailing from the country, according to global consulting firm McKinsey & Company.

China has started a campaign to contain the rapid spiral of macro leverage ratios in 2017. At the same conference Zhou Xuedong, PBOC spokesman, said China needs to be determined to deal with financial irregularities, otherwise risks in the area will be hard to root out.

China has taken multi-pronged measures to protect the economy from succumbing to epidemic shocks. Building on earlier efforts to advance the resumption of production, the country has ramped up tax and fee reductions and provided firms with low-cost loans to help them tide over difficulties.

China is only after the United States in the amount of recalled cars, Yan said.