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At a time when traditional growth drivers are losing steam, China has pinned hopes on services, including tourism, for new impetus to drive consumption and employment, and support economic growth and restructuring.

At a forum last week in Beijing, Xi Zhongmin, deputy general manager at GAC New Energy Co, said, "New energy cars must join real competition (if they want to survive), so carmakers should seize opportunities to develop competitive products as the government is forcing the sector to go upward."

Asked whether he has any concerns about the president's plans, Fauci replied, "Yes, I do.

Ashutosh Tiwari, secretary general of International Association of Advanced Materials, spoke highly of China's contribution to nanoscience. "China has surpassed the US and ranks first in the field of nanoenergy. Thanks to the hard work of Chinese scientists around the world, it now produces 50 percent of academic publications every year. But how to synchronize it into applications, that's a question to think about," he said.

At a news conference following the FOMC meeting, Federal Reserve Chairman Jerome Powell said the projections reflect the "general expectation of an economic recovery beginning in the second half of this year and lasting over the next couple of years, supported by interest rates that remain at their current level".