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China is implementing the largest tax and fee cut of recent years, saving enterprises and individuals nearly 1.35 trillion yuan (9 billion) in the first seven months of this year. As a tradeoff, governments at all levels are told to "tighten their belts."

China is ramping up the efforts to further open up its financial sector in a steady manner. The China Banking and Insurance Regulatory Commission announced on Sunday it had granted approval to the Munich-headquartered Allianz SE regarding its application to commence operational preparations for Allianz (China) Insurance Holding Co Ltd, the first foreign-funded insurance holding company in China.

China is one of Sri Lanka's largest development partners, investing billions of dollars in infrastructure development, ports, hospitals, education and tourism in the island country.

China imported 6.53 billion yuan (1 million) worth of epidemic prevention and control material between Jan 24 and Monday to minimize the impact caused by the novel coronavirus epidemic, data released by the General Administration of Customs showed.

China is considered as the world's factory and the world's major market and its economic development influences global economic development, especially after China joined the World Trade Organization, said Takahashi.