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"Commercial banks, whether big or small, are not familiar with customer acquisition on the internet or using alternative data provided by third-party service providers to conduct credit investigations. Under the circumstances, fintech companies will serve as necessary enablers for banks," said Victor Li, executive vice-president of Pintec, a Beijing-based fintech total solutions provider.

"China will continue to maintain steady momentum, advance structural reforms, promote high-quality economic development and seek progress," said the senior official.

"Competitors can talk as competitors, but it doesn't have to be enemies. It can be competitors; it can be suspicious. But, it can be under some kind of control," he noted.

"China's experience in tracking the coronavirus with smartphone software is impressive. We have studied lots of data from China and South Korea, and we found that it plays a big role in preventing further spread of the virus in those countries," he said.

"China's economy is running stable and maintains good momentum for growth. The trend is expected to continue for the long term. The Chinese market has great leeway, strong growth impetus and resilience," said Wang Changlin, vice-president of the Academy of Macroeconomic Research of the National Development and Reform Commission.