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"China's economy is on a recovery track as before thanks to several stimulus packages from the Chinese government," Piao Renjin, an analyst at NH Investment & Securities in Seoul, told Xinhua.

"Cooperation with Japan will also be strengthened for the sake of peace on the Korean Peninsula," Moon said in the speech at a government ceremony, adding that "We cannot change the past but can transform the future. ... When the pain of victims is substantively healed through concerted efforts, the ROK and Japan will become genuine friends."

"Cost reduction measures are an important part of the country's supply-side structural reform and will help effectively raise the vitality of the corporate sector," Pan Jiancheng, an official of the National Bureau of Statistics, told Xinhua.

"Covid-19 will need to break through the job market firewall if it is to do significant damage to the economy," Mark Zandi, chief economist at Moody's Analytics, said in a statement. "The firewall has some cracks, but judging by the February employment gain it should be strong enough to weather most scenarios."

"China will see its refinery capacity boosted in the 2019-21 period and refiners are gearing up to produce higher-quality fuels with less sulfur to reduce pollution," she said.