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"China is now a big continental economy, and even within China itself the stimulation of domestic consumption and the continual upgrading of many aspects－infrastructure, environment, as well as better provision of healthcare, housing, education－all these will be major drivers of growth for China in the years ahead," he told Xinhua News Agency.

"China firmly opposes the plan and has lodged solemn representations and protests to the US side," Foreign Ministry spokesman Geng Shuang told a press briefing.

"But, Guangdong should pursue world-class standards of economic governance to avoid missing out on considerable foreign investment in the future," Lau said when the European chamber released its South China Position Paper 2019/2020 in this Guangdong provincial capital on Wednesday.

"China has the world's most complete industrial system with the most diversified sectors and vigorous domestic demand," said Pang Xingjian, senior vice-president of Schneider Electric China, adding the epidemic and its recent impact on factory business will push more Chinese companies, especially small and medium-sized enterprises, to focus on digital transformation for robust growth.

"But too much aggressive stimulus may lead to inflation and a surge in the macro leverage ratio," the PBOC governor warned. "Thus, (China) needs to keep using the conventional monetary policy tools as long as possible, to support the long-term development strategy."