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China is a manufacturing powerhouse in mid-and low-end goods. But the US is still the dominant player in high-value industries. The US also has an extremely sophisticated service industry and thrives on innovation, research and development.

China has unveiled a raft of new policies to reduce financial burdens on individuals and firms in a bid to support the fight against the novel coronavirus epidemic.

China is also willing to align the Belt and Road Initiative with the European Union's Euro-Asian connectivity strategy, and conduct cooperation with the EU based on the spirit of openness, inclusiveness and transparency, Wang said.

China is improving the implementation of export tax rebates, tapping the potential of customs clearance reform and optimizing services for enterprises amid efforts to stabilize foreign trade and investment.

China is expected to lead the global economic recovery next year, with major economic organizations and economists projecting a robust performance by China's economy and foreign businesses remaining committed to the Chinese market.