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"Compared with the traditional route via the Yangtze River and Shanghai, the new route is a faster way to connect China's inland western region with major ports in the south, saving about 20 days in transport time," said Han Baochang, director of the China-Singapore demonstration initiative's administration committee.

"Compared with petrochemical and coal-chemical, it is cleaner and more efficient and signifies our industrial transformation," Xu said.

"Compared with financial risks, the negative economic impact of the pandemic is a greater risk currently faced by financial institutions. In this sense, by giving support to the real economy, financial institutions are supporting their own development and preventing and controlling financial risks fundamentally," said Liu Jin, executive director and president of China Everbright Bank Co Ltd, a national joint-stock commercial lender.

"Compared with traditional vehicles, NEVs are better in aspects such as the exemption from restrictions on license plate numbers, the government subsidies, the lower price of electricity versus that of petrol and the particular appeal to environmentalist consumers," said Lin Boqiang, head of China Institute for Studies in Energy Policy at Xiamen University.

"China strongly stands against some out-of-the-region countries flexing their muscles and making provocations under the name of 'freedom of navigation and flight' that result in tensions," Wei said.