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"China seeks balanced trade with other countries, rather than a trade surplus," Wei said. "The expo shows China's commitment to facilitating mutual benefit and a win-win partnership with other countries and regions."

"China's economy will brace for a painful blow, much worse that what it suffered during SARS," said Wang Tao, chief economist at UBS Investment Bank, in a teleconference on Tuesday.

"Considering that the average basic consumption expenditure for residents in Chinese cities and towns is about 4,200 yuan a month per person in 2018, we set the minimum threshold of personal income tax at 5,000 yuan. It not only covers the expenditures but also leaves room for further increases in consumption," Vice-Finance Minister Cheng Lihua said at a news conference on Friday.

"Chinese enterprises can seize the favorable opportunities to expand trade and investment in Africa, help Africa achieve economic takeoff while achieving their own development goals, and make contributions to promoting mutually beneficial and win-win economic and trade cooperation between China and Africa", Liu said.

"China strongly urges the United States to abide by the one-China principle, the three joint communiques between the two countries and UNGA Resolution 2758, and immediately stop backing the Taiwan region, politicizing, and undermining international response to the pandemic," he added.