But Wen is confident that with further containment of the virus, and continued implementation of counter-cyclical policies, China's economy will swing back to expansion in the first three quarters and achieve moderate growth for the whole year.

In its latest projection, the International Monetary Fund said China is expected to be the only major economy that could see growth this year by growing 1 percent in 2020, followed by an 8.2-percent growth in 2021.

Yang Yuanqing, Lenovo Group's chairman and CEO, said "smart" ways of consumption, production, and working emerged during the epidemic, and will continue even after the virus is contained. This would drive China's economic recovery, and become an important engine for global growth.

In light of the adverse impact of COVID-19, China has set no specific targets for economic growth for this year, and priority will be given to stabilizing employment and ensuring living standards.

The country has laid a decisive foundation for completing the building of a moderately prosperous society in all respects, and is striving to fulfill the tasks and goals for the whole year, Liu said.

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