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As president, he hasn't done either one. The US Treasury, in its semi-annual reports last April and October, declined to name China a currency manipulator. China has been propping up its currency rather than depreciating it.

As the epidemic may affect business activities of companies and their tax payment ratings, Han said that the STA has extended tax filing deadline four times, granting deferred filing and payment for 121,000 and 51,000 taxpayers since February, respectively.

As the pandemic continues to spread across the world, global  recovery will be a difficult and tortuous process. Rising protectionism and unilateralism have put the global governance system and multilateral institutions in jeopardy. Economic and social development at the regional and international levels face serious challenges.

As the US accounts for almost one-fifth of China's exports, or the equivalent of 3.6 percent of the country's GDP, large-scale additional tariffs could have a noticeable impact on China's economy and would have knock-on effects for the supply chain across the rest of Asia, said Andrew Fennell, director of the Sovereigns Department in Hong Kong of the global credit rating agency Fitch Ratings.

As the efforts bear fruit, this year's bailout policy package－with tax and fee cuts and measures to boost financing to business at the core－is expected to be effective in easing the burden of hard-hit enterprises, said Yang.