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"Compared with CAFTA, the RCEP constitutes a bigger market so it means bigger trading opportunities. All of this will contribute to more trade, more development and more improvement in people's livelihoods," Philippine Ambassador to China Jose Santiago Sta. Romana said at the expo.

"Clearly, the draft plan is dead," he said on Fox News. "Is the serious rewrite plan dead? I don't know. I've not seen the serious rewrite plan."

"China took the lead in calling for and supporting the extension of the Debt Service Suspension Initiative," said Liu.

"China's pledge to continue to deepen reform and opening-up by liberalizing market access and reducing trade barriers sends a clear signal that it wishes to not only improve itself, but to inclusively share the benefits derived from China's development model," Jon R. Taylor, a US political science professor at University of St. Thomas in Houston, told Xinhua in April.

"China, the world's second-largest economy, is capable of absorbing the short-term hit with a strong material and technological basis as well its very large market," Li added. "And many sectors emerged as beneficiaries of the recent outbreak, including online shopping, fresh food e-commerce, online education, online medical services and telecommuting."