Fan Gang, director of the Beijing-based National Economic Research Institute, pointed out that China has its own huge market with a population of 1.4 billion people and a complete modern industrial system.

"If China furthers to tap its own market potential and release individual consumption capacity as the country's annual per capita GDP surpassed $10,000 last year, continued economic growth is predictable in the country," Fan said.

The 2020 Global Venture Capital Online Conference, hosted by Qingdao municipal government, aims to promote science and innovation, and explore a new round of investment to support economic development amid the pandemic, officials said.