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"Corruption at people's doorsteps will seriously undermine their sense of gain and happiness, and needs to be tackled with greater efforts. More measures should be carried out to combat corruption and problems with the work style of officials in the field of poverty alleviation."

"Core technologies cannot be bought or traded, they must be created by ourselves," he wrote in a commentary for Guangming Daily, adding that some technologies have even become China's major bottlenecks and hidden security risks.

"Crude has become a bigger problem for markets than the coronavirus," Adan Crisafulli, founder of Vital Knowledge, told CNBC. "It will be virtually impossible for (the S&P 500) to substantially bounce (back) if Brent continues to crater."

"China's measures are necessary for safeguarding national interests and the multilateral trading system, and are legitimate and in line with multilateral trade rules," the official said.

"China's demand for aluminum flat-rolled products will increase from the current level of about 10 percent of the global automotive aluminum market to 25 percent by 2025," noted Pierre Labat, vice-president of global automotive, Novelis.