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"Data show that about 80 to 90 percent of rural startups may be on the verge of failure at one time or another. With the contraction of the market, an overflow of returnees from urban areas may crowd the arena," he said during an interview with Time Finance, an online financial news portal.

"Deepening SOE reform is also critical in cutting industrial overcapacity. Such reforms are helpful in improving SOE governance in accordance with market rules, letting market forces play a fundamental role in allocating resources," he said.

"Developing services trade is instrumental in transforming China's development model and achieving high-quality development. The services sector is still an area of weakness in our country's overall development," Li said.

"Ecological and social issues are the key determinants of sustainable and inclusive development," he said, noting that striking a balance between economy, society and ecology defines the future of China.

"Early data suggests that in Wuhan, the most effective measures taken to contain transmission include cancellation of mass gatherings," said Claire Standley, assistant research professor at the Center for Global Health Science and Security of Georgetown University, in an email.