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"Challenges and competition can only make strong companies stronger," Wang said. XCMG converted the slump into an opportunity to review its weaknesses and come up with corresponding solutions.

"But of course, some countries are going to be hit especially hard, and some of the weaker banks might need to be resolved," he said, "furthermore, in some countries, there could even be system-wide distress."

"China is willing to work with the European side to ensure the long-term stability of bilateral ties," Xi said.

"COVID-19 has not slowed down the pace of our work," he said. "The credit goes to the management and workers, both Pakistanis and Chinese."

"China has made great achievements in the field due to its clear goals, strategic planning and hard work," he said.