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The Hong Kong Coalition, with two former HKSAR chief executives Tung Chee-hwa and Leung Chun-ying, both vice chairmen of the National Committee of the Chinese People's political Consultative Conference, as its chief conveners, aims at uniting the community and finding a way out of the current predicament for Hong Kong.

In the first stage, before 2025, certain goods will be exempt from import duties, import value-added tax and consumption tax, while after 2025, import duty exemptions will apply on all imported goods other than those listed in the catalog of imported taxable commodities, said Vice Finance Minister Zou Jiayi.

"It should abide by international law and basic norms governing international relations and immediately stop interfering in Hong Kong affairs and China's domestic affairs," Zhao said. "Otherwise, there will be consequences."

During the meeting, Li said China and the EU, both as major global economies, should strengthen macroeconomic policy coordination, maintain the stability of the industrial and supply chains, and inject impetus into global economic recovery in the face of COVID-19 impacts.

Since the outset of the COVID-19 outbreak, leaders from both sides have maintained close communication and coordination via phone calls, video-conferences and other means.