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China's unremitting efforts to improve the business environment, such as tax cuts and fee reductions, will further unleash market vitality, he continued.

China’s Ministry of Finance and State Taxation Administration jointly announced that excluding cash, physical objects, such as medicine, medical supplies and protective supplies to prevent pneumonia from new coronavirus infections, are not included in wages and salaries and are exempt from individual income tax.

Chinese Foreign Minister Wang Yi and his counterparts from the Association of Southeast Asian Nations (ASEAN) made the pledge at a meeting in Manila.

China's successful governance model has offered reference for improving global governance. The Chinese government has a management mode with clear goals, a solid foundation and tangible results, said Ronnie Lins, a Brazilian expert on China studies.

China's stock markets dipped on Monday, with combined turnover hitting 206.78 billion yuan (.1 billion), a new low since two and a half years ago.