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Chen Fengying, a senior researcher at the China Institutes of Contemporary International Relations, said the positive move of the US and the EU is in the common interests of both sides, and eases trade war fears around the globe.

Chibesakunda said that China's anti-epidemic experience is very beneficial for the rest of the world as the nation has gained a lot of knowledge and experience in effective ways to contain the spread of the virus.

Cheng Lihua, vice-minister of finance, said at a news briefing at the State Council Information Office on Thursday that China will implement seven tax-cut measures to boost the growth of small and micro-businesses as well as their ability to innovate. These measures are expected to help cut taxes by another 60 billion yuan (.5 billion).

Children try out VR equipment at an industry expo in Suzhou, Jiangsu province. WANG JIANKANG/FOR CHINA DAILY

Chen presided over the design of China's first fluidized catalytic cracking unit in the 1960s, which broke the monopoly of western countries on the deep processing technology of oil refining.