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"China's supply-side reform has reduced overcapacity in the steel industry by closing down those with issues of pollution and outdated capacity while controlling new capacity construction, and helped reduce steelmakers' debt levels. But we expect the government will continue to fortify the results of the supply-side reform and focus more on upgrading the steel industry."

"Chinese companies also should be aware that some countries already have trade protectionist measures to help their own companies, which may pose problems for machinery exports from China this year," said Zhao.

"China's ODI cooperation has maintained steady and healthy development in the first six months," said MOC official Han Yong.

"Considering that some Cabinet members we engage with regularly have been exposed to individuals who were tested positive of COVID-19 and have decided to undergo self-quarantine, it is just prudent for us to take precautionary measures in compliance with the advice of our health officials," Presidential Communications Secretary Martin Andanar said in a separate statement.

"China's Belt and Road Initiative is a perfect match with South Korea's New Northern Policy," he added. "For example, Chinese investors may face difficulties when investing in Russia, and with the help of South Korea, we will be able to conduct better communication with Russia."