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China will make unrelenting efforts to improve the business environment, encourage fair competition and cooperation and enable mutually beneficial outcomes, he said.

China will look to Brazil and to a lesser extent Argentina, in addition to increased domestic production, to replace American soybeans, said Wendong Zhang, a professor at Iowa State University. He said that China would end up paying more for soybeans from Brazil.

China will take steps to boost new types of consumption by supporting new business forms and models with a view to promoting economic recovery, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.

China will extend repayment plans for personal mortgage loans and credit cards of people who temporarily lose their sources of income due to the novel coronavirus outbreak, said the China Banking and Insurance Regulatory Commission.

China's AI market will hit .27 billion in 2020, according to the 2020-2021 evaluation report on China's AI computing power development, jointly released by global market research firm International Data Corporation (IDC) and cloud computing and big data supplier Inspur Group.