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"COVID-19 dwarfs anything that we've faced in recent history, and it isn't showing any signs of slowing down," said Biden, adding that the virus, which has now killed more than 223,000 people nationwide, "is surging in almost every state."

"China has no intention to challenge the international standing and interests of any other country or the existing international order and system," the ambassador said.

"China promises a bright future to researchers now, especially in the area of energy storage. The gap between China and the US is smaller and smaller and China has been investing heavily in scientific research," he said.

"By strengthening the people's congresses' supervision over expenditure budget and policies, the guiding and constraining effects of policies on relevant budgets will be enhanced," the guideline said, adding that relevant measures would also help ensure that the CPC Central Committee's major principles, policies and decisions are better implemented with budgetary arrangements and policies.

"China has an indirect financing-oriented financial system and banking loans play a leading role in social funding," said Pan.