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As the birthplace of China's modern industry and commerce, Wuxi has been known as "little Shanghai" for years due to its flourishing economy, especially private economy.

As the COVID-19 pandemic has gathered pace in the United Kingdom, it has come with increasing calls from some individuals and media outlets situated on the political right to pursue a politics of blame and retaliation against China over the outbreak.

As the US dollar is still facing depreciation pressure, Sheng said the COVID-19 epidemic recovery offers an opportunity to accelerate yuan internationalization as several foreign investors are searching for financial products with steady value to avoid foreign exchange fluctuations. China, one of the countries that has controlled the pandemic at an early stage, has shown resilience in its economic recovery and the same will help strengthen its currency, he said.

As the country recognizes the urgent need to tackle poor air quality in cities, efforts are intensifying, with sales of electric vehicles rising and a strong growth in the deployment of natural gas vehicles, particularly into fleets of trucks and buses. A rising number of electric buses and LNG-fueled trucks in China will significantly slow gas and oil demand growth, it said.

As the private sector has become the main contributor to job creation and technological innovation and an important source of tax revenue today, the sector will not only play a critical role in developing the market economy, transforming government functions, transferring surplus rural labor and exploring the international market, but also push the progress of the supply-side structural reform, seeking high-quality development and building a modernized economy.