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Aquino cited global trade as another factor injecting "uncertainties" into the local economy.

As Leung explained, equipment manufacturing as well as research and development are included in the Made in China 2025 strategy. These companies usually invest heavily in their early days in machines, plants and all other related facilities. It will take a long time before they finally register sales and profits. With the new policy, the VAT can be retained, which means that companies can enjoy a tax rebate when they eventually report sales results. It can largely secure their cash flow and relieve this tax burden.

Artificial intelligence has played a substantial and supportive role in the global fight against the COVID-19 pandemic, according to experts at a video conference on Tuesday.

As Australia's largest trading partner and No 1 market for tourism and education, China's surging consumer base presents itself as an abundant area of growth if Aussie companies can figure out how to target them and what exactly it is.

As China called off the financing function of various local transport financing vehicles in 2014, local government bonds have become the only bond-financing channel for new road construction, he said.