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Amid the threats of escalating trade disputes between China and the United States, neither Wu nor his partners want to see the cooperation end, Wu said.

Americans are being urged to "resist confusing reopening with returning to normalcy" and their president is being pressed to acknowledge that COVID-19 is a "major problem", as the death toll from the pandemic exceeded 130,000 on Monday.

Amid the steep global price cuts, state-owned oil companies have to slash costs to keep afloat.

Among an array of objectives for the country to basically achieve socialist modernization by 2035, China will build up a modern economy with new industrialization, IT application, urbanization and agricultural modernization basically achieved, according to the communique.

Among other measures, the company decided late last year to separate its Chinese businesses from those in the Asia region, which will facilitate decision-making in the fast-changing market.