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Prudent monetary policy will be pursued with more moderate flexibility, and more attention will be paid to supporting the real economy.

Merkel called on the G20 members to strengthen coordination and cooperation, support each other, and play a leading role in overcoming the current crisis and stabilizing the global economy.

This came as a 77-year-old man surnamed Ding tested negative for the second time for coronavirus in the capital city of Hubei Province.

Various supportive polices on stabilizing foreign trade should be firmly implemented as soon as possibile, while efforts should be made to further facilitate customs clearance and develop new foreign trade models such as e-commerce, he said.

The meeting urged strengthening the loan risk sharing mechanism. It encouraged developing commercial insurance products to enhance credit for micro, small and medium-sized businesses, and lowering the government-backed financing guarantee fees to ease the overall financing burden on smaller firms.