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"Development with high emissions and pollution affects not only the long-term economic development, but also people's health. That is not the development we want," Wang Guoqing, spokesman for the first session of 13th National Committee of the Chinese People's Political Consultative Conference, said at a news conference.

"Facing ongoing international trade uncertainties, many countries are considering gold a hedge against the US dollar," said Wang Shuli, executive board director for Jingyijinhui, a consulting firm on gold, adding that the trend has pushed up gold prices to some extent.

"Developing the services sector, therefore, is vital to sustaining economic growth and encouraging foreign capital flows into the country," Huo said. "China must further open its doors in certain monopoly sectors such as healthcare and banking to release more spaces."

"Europe and the United States are leading the world in terms of urbanization, thanks to their first mover advantages. While in Asia, specifically in China, the government has been promoting its urbanization strategy for years, which helps the country achieve the highest urbanization growth rate globally and a vast space for development in the future," Deloitte said.

"Due to the virus, people would like to stay at home instead of traveling around these days, so we decided to focus on consumers from Huzhou and neighboring cities as a cushion against the slumping business," he said.