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"Consumer habits have rapidly changed and internet-based industries and companies have expanded in recent years", he said, adding Epson sees a huge potential for growth in third- and fourth-tier cities of China.

"China's auto production and sales are likely to hit about 25 million units this year, similar to that of the previous year," Meng said at a news conference in Beijing. "And the production and sales of new energy vehicles are expected to exceed that of 2019."

"Compared with the traditional route via the Yangtze River and Shanghai, the new route is a faster way to connect China's inland western region with major ports in the south, saving about 20 days in transport time," said Han Baochang, director of the China-Singapore demonstration initiative's administration committee.

"China's competitive advantage in attracting foreign investment has not changed,” Zong said, adding most global companies' confidence and strategy in investing in China have not changed too.

"China, as the second-largest energy consumer globally, has a huge demand for energy. Thus, promoting methanol fuel as an alternative is important to reduce the country's dependency on imported resources," He said.