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"But there are still shortcomings with the Anhui consumption market, like unbalanced development," Zhang said. "The next step is to further push the consumption upgrade, optimize the urban consumption structure, accelerate the development of service industry, develop e-commerce and optimize the business environment."

"China is no longer copying the US. Now the reverse is true. Facebook has copied WeChat in private group messaging and followed 15-second video app TikTok. Amazon has imitated Alibaba in online retailing. Lime has followed China's original Mobike and Ofo brands in bike-sharing," said the report.

"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 has mobilized all social sectors and resources to fight poverty. Provinces with better economic conditions are paired up with less developed ones. Targeted assistance is provided to those in need."

"China is perhaps better positioned now than ever before to become a globally competitive player in both semiconductors and AI ... because leading digital businesses (in China) have signaled that greater domestic self-supply of semiconductors is a vital component of their future," he said.