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The country is expected to slash corporate taxes and fees by 2.5 trillion yuan (8.7 billion) this year, he added.

The country will speed up the process to shorten the negative lists－which identify sectors where foreign participation is restricted, continuously widen the market access to foreign investment, and revise the catalog of industries where foreign capital is encouraged and increase the number of encouraged items, he said.

The contest, which started on April 30, will hold its finals in September, at which the last 16 teams will fight for the top prize.

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The country may move up the global value chain after the epidemic with possible breakthroughs in sectors like Artificial Intelligence, industrial and civil robotics, 5G and medicare, said Fu Xiaolan, the founding director of Technology and Management Center for Development at Oxford University.

The corporate sector, often considered the most troubled in terms of debt levels, has become a major target of the deleveraging drive.

The country's GDP grew 6.3 percent year-on-year in the first half of this year, showing that China is still a relatively fast-growing and healthy economy.

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The country will seek to deepen collaboration with the global community in areas such as containing the pandemic, maintaining multilateralism, advancing technological innovation and pursuing green and inclusive development, he said.

The conference sets course for a continuous growth that will help drive a global economic recovery.

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The country will also accelerate the construction of other cargo airports during the 14th Five-Year Plan period (2021-25) since the outbreak has exposed the country's lack of cargo airports and cargo aircraft, said Ren Hong, an official with the National Development and Reform Commission's Department of Infrastructure Development.

The core CPI, which excludes volatile food and energy prices and better reflects long-term inflation trend, remained unchanged from September at 0.5 percent year-on-year in October.