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Analysts predict the reform in free trade zones will be strengthened, and some reform experiences from the pilot areas are expected to be further promoted all over China.

Andres Abadia of Buenos Aires consultancy Pantheon said Argentina's austerity measures "should be seen as a positive, but market confidence in Argentina remains fragile".

Analyst Humberto Jiron said the large Chinese community in Panama is "flourishing and contributes to the economic growth of the country". At the start of April it delivered 600 bags of food staples to the needy in the Latin American nation.

Analysts also warned of risks from fiscal deficits and trade frictions with the United States. Fully aware of the challenges, China's policy makers have rolled out a series of measures, reining in credit expansion and curbing overheated home purchases. Debt-ridden zombie companies are being dissolved and home markets are gradually back on track. "Risks are generally controllable," Chinese Premier Li Keqiang said at the Annual Meeting of the New Champions 2017, or Summer Davos, in the city of Dalian. "We are capable of fending off all kinds of risks and ensuring the economic growth stays in a reasonable range."

Andrew Moody, China Daily senior reporter [Photo/CHINA DAILY]