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"China wants peace instead of hegemony," said Xi, stressing that China is not only a country with a long history, but also a developing country full of vitality.

"In the past weeks and months, financial departments and institutions have taken effective moves to tackle the economic impact of the coronavirus. Real interest rates have come down, and aggregate financing is expanding," Li said. "Interest concessions by financial institutions are a key measure in supporting the real economy, especially smaller firms, and keeping economic fundamentals stable."

Training programs designed for new types of occupations such as delivery of online purchases, live-streaming sales and substitute driving should also be offered, according to the plan.

The newly increased funds should be funneled into manufacturing and the service sector, especially smaller companies therein, to provide the much-needed relief to enterprises in times of hardship. The funds are also expected to make financial institutions more motivated and better equipped in serving the needs of smaller firms.

Nigerian President Muhammadu Buhari commended the Chinese government, the UN Secretary-General Antonio Guterres and the WHO for their respective actions and measures to help developing countries in Africa to tackle the pandemic.