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The RCEP includes the 10 ASEAN members, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, and the bloc's five FTA partners of Australia, China, Japan, New Zealand and the Republic of Korea.

It is expected that the country will meet its annual target to help businesses save 1.5 trillion yuan, Liu added.

Participants of Friday's meeting agreed that the plenary session is an important meeting making strategic decisions on embarking on a journey to fully build a modern socialist China.

The investment bank said it expects investment in the new infrastructure sector, including 5G networks and big data centers, to reach 15 trillion yuan between 2020 and 2025, with the manufacturing sector likely to see a 5 trillion yuan annual reduction in production costs from 2025.

While Trump tried to shift the blame for his handling of the pandemic to China, his country has hit another milestone in the deaths from the virus. According to the data compiled by Johns Hopkins University, U.S. COVID-19 deaths surpassed 200,000 on Tuesday while the number of infections has reached more than 6.8 million. Both numbers accounted for roughly one fifth of the global totals but the U.S. population is equivalent to only less 5 percent of the world's population.