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Annual net profit of Shanghai-based snack food chain Laiyifen stayed at over 100 million yuan from 2015 to 2017.

Another 50 billion yuan will be used for financial cooperation projects, bringing the total to 250 billion yuan.

Apart from stepping up efforts to analyze, evaluate and supervise financial innovation, regulators must follow the development trends and the level of impact of financial innovation to identify hidden risks in a timely manner and take necessary measures. At the same time, China's regulatory authorities should strengthen communication with their international counterparts to explore ways to improve regulation, shore up weak regulatory links, and continue to focus on the prevention and mitigation of financial risks, she added.

Apart from having supply chains that are reliable and relatively less vulnerable to disruptions, China enjoys the advantages of economies of scale and competitive labor costs, which make supply chains in China scalable, extendable and cost effective, said Wang Shouwen, vice-minister of commerce.

Another key interdependence is economic, and efforts must be made to prevent the pandemic from triggering a deep recession. China is known as both a manufacturer and major market globally, but it is also true that trade between China and ASEAN is larger than that with the US.