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"China has been a leader in testing, tracking and treatment, as well as lockdowns and social distancing," Sargent said during the 2020 Global Venture Capital Online Conference, adding that the Chinese government's fiscal and monetary policies have proven effective.

"By making this adjustment, the regulator hopes that banks will fully expose their non-performing loans and truly disclose their risk situation with more accurate capital adequacy ratios and coverage ratios of allowance for loan impairment losses to NPLs. It will be favorable for them to write off and resolve bad assets," said Xiong Qiyue, a research fellow at the Institute of International Finance at Bank of China Ltd.

"China never aims to replace the US in the 10 industrially strategic technologies in 10 years. This is a misunderstanding and overestimation of our strength," Miao said.

"Cellphones made by domestic brands are a friendly price and perform excellently," he said. "I know lots of foreigners who use cellphones made in China. The country is an emerging superpower that is surprising the world with its innovation and marvelous power of action."

"China is well-placed to help lead that effort," Sachs said. "China's advances in green and digital technologies are beneficial not only for China but for the whole world, such as the deep reductions in the costs of renewable energy and 5G," he said.