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"Dual circulation" is a choice for China to cope with rising challenges from domestic and global economies. Besides internal circulation centered on the domestic economy, external circulation will help China's domestic economy further integrate with the global economy and achieve higher-quality opening-up.

"Failure to take quick actions to suppress the virus could result in more severe economic outcomes as well as the unnecessary loss of life," said the Fed official.

"Decreasing rice prices and extreme climate-related events such as typhoons, floods or droughts shifted rural households into widespread poverty, and organic farming was introduced as one means of relief. It can offer an alternative livelihood strategy for farmers in rural or urban areas and provide mitigation for climate change-related impact," the think tank said.

"Essentially the four items we have been talking about ever since we started (are) terrorism, withdrawal of foreign troops, inter-Afghan negotiations and dialogue, and cease-fire.

"Despite the economic rebound, the country still needs to be better prepared in the next few months to one year to deal with the epidemic impact. The government should continue to take measures such as promoting economic restructuring and boosting the internet economy to hedge against the risks," he said.