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"Further tax cuts are expected in the coming months, and this year's total tax cut will be as large as twice the average annual reduction during the past five years," Huang said.

"Greater emphasis on social finance and sustainable development will likely be one of the lasting outcomes of the coronavirus crisis," said Matthew Kuchtyak, an analyst with Moody's Investors Service.

"Generally speaking, there are slightly more of the weather events this year, which also came a little bit earlier," he said, adding that it's hard to forecast the frequency of devastating events.

"For us from the ISSCAD, the friend who gave us the gentle push that has enabled us to reach this far is the people of this great nation of China and their love for fellow human beings, who in their time of success have never forgotten to lend a helping hand to other developing countries through the great leadership of President Xi Jinping."

"Given the size and importance of the Chinese market, with the world's largest banks and second-largest stock market, that is welcome news for China and the world," Ratna Sahay and James P. Walsh, two senior IMF officials, said in a recent blog post.