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Analysts said on Monday they believed that the initiative in the CNPC would see an improved market focus and a more flexible company, making it more vigorous and competitive in the global marketplace.

Angiola Rucci, project manager with event organizing company Triumph Asia, a unit of Italy-based Triumph Group International, said the initiative has fueled two-way exchanges between China and Europe, supporting their business.

Analysts have highlighted the need for private and foreign capital to boost investment as local governments, facing a funding gap of trillions of yuan, look for ways to spur big construction projects.

Analysts said the US oil futures price turning negative reflects an energy market continuing to reel from the dual demand-supply shock amid the COVID-19 pandemic, and China should further increase domestic oil and gas storage facility construction for better energy security.

And with this increase in "high value growth" and productivity, a sharp rise in domestic personal income is invariably set to follow.