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"Considering the billions of doses needed, and the risk [of] falling at the back of a very long line for Western vaccines, the appeal of the Chinese vaccines is apparent," Taimur Baig, chief economist and managing director at DBS Group Research, said in a note to US business news channel CNBC.

"Chinese consumers also favor more high-end baijiu given upgrades in consumption, which has helped increased companies' profits," the report added.

"Companies from home and abroad will sign a number of cooperation agreements today, covering a wide range of areas and regions," she said at the opening ceremony of the Belt and Road CEO conference held in Beijing.

"China's expanded medical insurance coverage at each stage significantly boosted drug sales growth, with accelerated expansion following the introduction of government-sponsored medical insurance plans," she said.

"China's car market is hitting a bottleneck, but it remains the largest worldwide, and the demand remains. The market is very resilient: The longer it is contained, the higher the outbreak will be later," said Hong.