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Citing statistics of recent years, Ying said the private sector accounts for about a quarter of the city's GDP, one fifth of its trade volume and one third of its tax revenue. The sector's dominance in the field of technology is obvious: it accounts for more than 90 percent of the city's technology companies. Among China's top 100 internet companies, 18 are private companies based in Shanghai.

Chinese stocks market surged on Monday with benchmark indices in Shanghai and Shenzhen jumping over 5 percent, making daily turnover break through 1.04 trillion yuan (5.5 billion), a new record since 2015. The Barron's, a financial weekly published by Dow Jones & Company, said the performance of Chinese stocks is much better than the S&P 500. Global investment management corporation BlackRock also suggested lasting gains of the bull market.

Citing a speech President Xi Jinping made at a symposium with experts on economic and social work on Monday, Wang said Xi's words sent a message that instead of shutting its door, China will open it even wider to the outside world in the face of COVID-19 and sluggish global growth.

Close coordination and continuing contact are the best medicines to help relieve global economic pain at a time when quarantines and social distancing have been prescribed to blunt COVID-19's public health impact, the International Monetary Fund (IMF) chief said Monday.

Chint Group, China's leading industrial electrical equipment and new-energy enterprise, is looking to expand its presence in foreign markets, with mergers and acquisitions remaining a major strategy.