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"China is ramping up efforts to minimize the impact of the outbreak and create a comprehensively well-off society," Li said at a news conference on Tuesday.

"By turning non-negotiable banker's acceptances into active BAs for payment, CZBank minimized our company's needs for private financing, thus reducing our debt ratio and financial leverage," said Cai Xiaofang, finance director of SPC.

"Challenging an established player with strong infrastructure, excellent customer services and deep pockets is never easy," he said.

"China has entered a stage of stabilizing the leverage ratio and is gradually reducing it," Zhou said, noting that China is likely to reduce reliance on wide capital support for economic growth as the country seeks high-quality development.

"But with so many aspects of American economic ingenuity, high-tech startups have now truly gone global. The past decade or so has seen the dramatic growth of startup ecosystems around the world, from Shanghai and Beijing, to Mumbai and Bangalore, to London, Berlin, Stockholm, Toronto and Tel Aviv."