Nation intensifies efforts to stimulate recovery

Meanwhile, policies have been put forward to promote the digital transformation of key industries. Construction of new digital infrastructure will be accelerated to assist the development of the fifth generation of cellular technology, or 5G, data centers and the industrial internet.

Many analysts have voiced confidence in the prospects for the Chinese economy despite the potential for short-term slowdowns during the outbreak.

Gu Qingyang, an associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, said that by tackling the coronavirus crisis effectively and taking strong action, China has provided stability and security for the normal operations of global industrial and supply chains.

The use of a range of policies to enhance its advantages in both chains has allowed the country to provide a large quantity of anti-virus materials to international organizations and more than 100 countries, Gu said.

He added that China's emerging infrastructure construction－with 5G technology, big data and artificial intelligence as the core－will provide important support for new industrial and supply chains.

Takashi Kodama, head of the Economic Research Department at the Daiwa Institute of Research Group, based in Japan, said China has made noteworthy progress in its economic recovery.

He said that if the country's private sector, which has been less affected by the deterioration of the global economy, can recover quickly, it will give hope to other nations and provide a much-needed boost to financial markets worldwide.

China has also taken steps to stabilize foreign trade and investment－injecting renewed confidence into globalization, which it continues to believe in despite mounting skepticism in some countries, Kodama said.

"Overall, China is telling the world that its economy is sufficiently resilient to withstand the impact of the coronavirus," he added.