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"Given the fact that 2019 was a year full of uncertainties, China's biggest achievement is its resilience and stability proven in its economy," said Zhu Ning, a professor with the Shanghai Advanced Institute of Finance of Shanghai Jiao Tong University. "It's crucial for China to face uncertainties and stick to its path to further promote reform and opening up."

"Globalization has been the greatest force in human history to bring progress, deliver jobs, provide incomes, foster technology－including the production of vaccines, whether against smallpox, measles or polio," he said.

"For brands that want to come to China, the most important piece of working with Tmall is (that) brands can understand where they need to have their products and when," Fontana said.

"Following the COVID-19 outbreak, financial conditions tightened at unprecedented speed, exposing some 'cracks' in global financial markets," the IMF said in its newly-released Global Financial Stability Report, noting market volatility spiked, borrowing costs surged and signs of strain emerged in major funding markets.

"Foreign bank clients engaged in trading and investment in China are expected to receive better financial services as control loosens, which will further promote economic ties between China and the rest of the world," said Ding.