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China has been ramping up efforts to optimize the business environment, such as implementing taxes and reducing fees to ensure entrepreneurs and innovators can compete in a fair environment based on market rules.

China has been offering financial incentives since 2010 to stimulate the popularity of new energy cars. Bloomberg reported that the subsidies had cost the Chinese government 59 billion yuan by 2015, and it may need to set aside 83 billion yuan more for 2016 and 2017.

China has made considerable progress in speeding up production and resumption of work, as over 76 percent of small and medium-sized companies had restarted work as of Saturday, according to the nation's top industry regulator.

China has not only registered significant economic progress in recent years, but also been a global actor playing a constructive role in solving problems such as climate change and regional conflicts, Kurz said.

China cannot become modernized without modernizing its agriculture and rural areas, said the document.