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Reforms on both supply and demand sides should be carried out to achieve a dynamic equilibrium on a higher level, in which demand and supply can boost each other, said the statement.

Zhang Zhichen, deputy director of the Commerce and Investment Promotion Bureau of Tianjin Binhai New Area, said the area would continue to pursue high-quality development and opening-up, and create a better business environment to attract foreign investment.

Economic cooperation in the region has never been a zero-sum political game in which one gains at the expense of the other, but a platform for mutually beneficial and win-win development, according to Xi.

Xi said in order to promote global recovery, the international community must close ranks and jointly respond to this crisis and meet the test, and keep global economy open.

China's domestic market has increased its consumption of the company's products, offsetting its reduction in exports due to the pandemic, Turrina said, adding that an expansion project with a total investment of 120 million yuan (about 18.3 million U.S. dollars) is now on the company's agenda.