The government will take more measures to stabilize employment, guarantee the basic livelihood of the poor, help small and medium-sized enterprises get over difficulties, stabilize food production, ensure the stable supply of coal, electricity, gasoline and natural gas, maintain the stability of industrial chains and supply chains, and ensure the supply of public services at the grassroots level, Xi said.

He highlighted the importance of food security, saying that the stable supply of food contributed greatly to the country's stability in the face of the novel coronavirus outbreak.

Yang Chengzhang, a political adviser and chief economist at Shenwan Hongyuan Securities, said that Xi's speech has strengthened his confidence in the face of external challenges.

"The COVID-19 pandemic will not reverse the trend of economic globalization," he said, adding that China has the capacity to improve its economy, given the country's huge domestic market and its complete industrial chains.

China has a great potential for innovation, and new types of business will emerge after the pandemic, said Robin Li, chairman and CEO of leading Chinese search engine Baidu Inc.

"China needs to build up its strength in developing key technologies and platforms in order to improve its science and technology security," said Li, who is also a member of the 13th CPPCC National Committee.