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"China will work with other countries to enhance macro policy coordination, accelerate international cooperation in the digital sector, step up intellectual property protection and facilitate the vibrant growth of the digital economy and sharing economy," he said, noting that such efforts will generate renewed dynamism for the world economy.

"Chinese regulators have allowed multiple securities, asset management, insurance and other financial firms from the United States, Europe and Japan to convert existing minority positions in joint ventures with Chinese partners to majority foreign-owned firms and have licensed a number of new wholly foreign-owned financial firms," Lardy noted in an analysis.

"China remains the only one of the BRIC countries that after 17 years has actually done exactly what we had expected it would achieve," he said.

"Climate fund will be one key issue to be discussed during the next UN climate change conference," she said.

"Cooperation between China and the EU is very much necessary now, as global competition will change after COVID-19," Prodi said. "Globalization will not end, but will change. We must set the rules now, with a common approach."