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China is Amorepacific's second largest market after South Korea, recording revenue of 7.26 billion yuan (.02 billion) last year, official figures showed.

China has thousands of SOEs, but many have stagnated due to a lack of competition. The government is trying to improve their performance through reform, moving toward mixed ownership and market-oriented management to improve efficiency.

China is "very different from what it was 17 years ago (when the SARS epidemic broke out) in economic weight, position in global industrial and value chains, and its contribution to the world economy", with economic and social activities "starting to revive in most parts of the country" since the outbreak, according to the think tank's president Chen Dongxiao, who co-authored the report.

China is highly interested in protecting intellectual property for its own benefit, a Chinese envoy told a large business innovation gathering in Houston on Tuesday.

China is a supporter, builder and contributor working for the multilateral trade mechanisms, Wang added.