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"Combustion engines will remain the backbone of our CO2 goals as well as our financial performance over a considerable period of time," he said.

"China's quick victory" over the COVID-19 pandemic "put the Chinese economy in a better situation than the rest of the world," said William Jones, Washington bureau chief of the US publication Executive Intelligence Review, adding that by maintaining its productive capability, China will not only benefit its own economy once the pent-up demand is released post-pandemic, but also provide "a lifeline" for countries that have "maintained the production lines in China."

"Coming on the heels of the central banks, there is increasing optimism that politicians are starting to understand the scale of the economic stop coming -our way as the death toll across Europe and the US continues to rise," Michael Hewson, chief market analyst at CMC Markets UK, said in a research note.

"Chinese residents are living a more sedentary lifestyle due to the development of sophisticated transportation systems and the widespread use of electronic devices," Zhao said.

"China's proposals maximize interests and address concerns of all parties in a balanced approach, … and it should further play a constructive role in resuming dialogues and denuclearizing the peninsula," Yu said.