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"Excess capacity in the steel and cement industries has been a result of large-scale infrastructure construction and the quickening urbanization pace," Zhou told the seminar, which was also attended by US Federal Reserve Chair Janet Yellen and central bank governors from other major economies.

"Elderly people normally don't want to leave the communities where they live, so since 2014 we have been building elder care centers embedded in residential neighborhoods," she added.

"E-commerce accounted for 40 percent of e-business around the globe in 2017, and with our robust momentum, China is likely to account for half of e-businesses worldwide within one or two years," Ouyang said.

"Developing the comprehensive strategic cooperative partnership between China and Myanmar on the basis of carrying forward traditional friendship is in line with the fundamental interests of the two peoples, Wang said.

"During the first quarter, the current account is likely to remain stable within a reasonable range, although it may show a deficit. The COVID-19 pandemic will not alter the basic trend in the medium to long term," said Wang.