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The recent announcement by TikTok to invest 420 million euros (about 6 million) in establishing its European data center in Ireland is "a good example that the business environment in Ireland is very attractive to Chinese enterprises," he said.

The reform plan also aims to turn two bonded areas－the Yangshan Free Trade Port Area and the Pudong Airport Comprehensive Free Trade Zone－into transparent, efficient and convenient free trade ports of highest standards in the world, comparable to Singapore, Dubai, and major ports in the United States.

The province is expected to spend a total of 500 million yuan on carrying out these measures.

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The re-lending funds, which flowed to key firms of epidemic prevention and supply as designed, has played an important role in boosting these companies' capacities to provide medical supplies and daily necessities.

The reform, proposed at the end of 2015 to resolve structural imbalances in the economy, has been focused on five tasks: cutting industrial capacity, reducing housing inventory, lowering indebtedness, cutting corporate costs and improving weak economic links. Efforts in these areas paid off last year. China met the annual target to reduce overcapacity of 45 million metric tons of steel and 250 million metric tons of coal production ahead of schedule, and a large number of zombie enterprises were shut down.

The public health emergency has spurred flurries of actions by lawmakers. Amid growing concern over the vaping-related lung illnesses and deaths, the Trump administration has proposed a national ban on flavored e-cigarettes. Officials in Michigan, New York, Massachusetts all have stepped in to impose vaping bans.

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The railway project is also an important connectivity project under the framework of the Belt and Road Initiative, he added.

The quick ascent of the so-called "Internet Plus" and New Retail has also generated a profound impact on the world economy. In this strategically significant market to Philips, we are committed to becoming a local global company with an open mind to adapt to the local competitive landscape and co-create with local ecosystems.

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The punitive actions, which came on the heels of the US government's steel and aluminum tariffs that also mainly targeted China, has been met with Beijing's tough tone and possible counter-measures.

The purchase would result in a win-win situation both for Bosch and ZMJ, according to Jiao.