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"Despite the ongoing pandemic, we are confident that Singapore will be able to continue maintaining public health and safety while supporting the WEF's mission to effect positive change through collaboration and engagement," Singapore trade minister Chan Chun Sing said in a statement.

"Drawing lessons will lead to better development. We will turn self-criticism and guilt into a driving force that pushes us to work hard and fulfill our responsibilities," he said.

"Eliminating the restrictions on joint ventures and cooperation in oil and gas exploration and development, plus introducing multi-market entities (including foreign companies) in domestic oil and gas resource exploration and development, will enhance market activity, create a fair and open access environment, and help further enhance the exploration and development efforts and technological advances of domestic oil and gas resources," said Yang Xiaoping, chairman and president of BP China.

"Downside pressure began to ease in the first quarter, as signaled by the rather substantial recovery in various economic indicators in March," said Yao Jingyuan, former chief economist at the National Bureau of Statistics and a researcher for the Counselors' Office of the State Council.

"Economic and financial conditions have changed only modestly since the FOMC met in July, with growth remaining somewhat soft but wage and price measures looking a bit firmer," Jan Hatzius, an analyst at Goldman Sachs, said in a research report. "Beyond the September meeting, we continue to expect the FOMC to deliver a third and final (quarter-point) cut to 1.5-1.75 percent in October."