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"China has undertaken substantial efforts to improve the domestic business climate for small and medium-size enterprises, maintaining an active pace of reforms," said Martin Raiser, World Bank country director for China.

"China is ahead of the rest of the world in terms of being impacted by the coronavirus. Having taken containment measures with a huge drag on growth in their first quarter, they are now stepping up production," Georgieva said.

"China hopes the two sides can follow the agreement, implement relevant content, enhance market confidence, improve the bilateral economic and trade relations and promote global economic growth," the commission said.

"China is still a developing country. Its development needs World Bank support, and the Bank's development also needs China's contribution," the Ministry of Finance said on Tuesday.

"China is a big country and economic power with a huge population; and we are small with much less population. Our economy has started to pick up," said Zoltan in his speech at the launch. "But in the same way that China is keen to develop a friendship with our small country, so we also hope to deepen the relationship with China. And the two countries can develop such a friendship that both sides care about each other."