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"Despite its huge box office and a total of 800 films produced annually, the Chinese film industry still lags behind other major players, particularly Hollywood," wrote Professor Yin Hong of Tsinghua University, in a People's Daily article earlier this month. "Chinese films have earned much less international revenue than not only European and North American counterparts but also Asian ones such as in India, Japan and the Republic of Korea."

"Despite China's effective efforts of epidemic control and prevention, the spread of the virus across the globe makes it difficult to predict the magnitude of its impact on both China and the global economy." Gao told a news conference in Beijing, adding that there's tough work ahead.

"Facts have shown that the fundamental strategies by General Secretary Xi Jinping on targeted poverty alleviation are the golden key for China to realize its poverty eradication targets," he said.

"Different from a decade ago, all the tasks should be done under the higher regulatory standards to cut financial risks," he said, speaking on condition of anonymity.

"Elsewhere we observe buoyant economic conditions underpinned by the growth of free trade outside the United States," he said.