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Facing the sudden outbreak of the novel coronavirus disease, young Chinese of all ethnic groups have actively responded to the Party's call and participated in the all-out people's war against the epidemic, said Xi.

The Chinese envoy said that apart from Europe, China is also cooperating with Africa and other vulnerable regions. The EU is doing similar things, he said, adding that the actions of both sides are about serving the public good, not a geopolitical game.

Private businesses and SMEs are also encouraged to raise funds through bond issuance and accounts receivable financing, the meeting said.

Including Monday's reduction, China's one-year LPR has dropped by a total of 40 basis points since last August when it unveiled a key reform to use the LPR to better reflect market changes and steer borrowing costs lower to support the real economy.

Leading a central government group to oversee the epidemic control work in Hubei Province, Sun, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks at a symposium with frontline experts and researchers.