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"China Construction Bank Corp has already established a wholly-owned fintech company. Other banks may follow in its footsteps," Cao said.

"China already has goods and services FTAs with ASEAN, which are working well," said Amitendu Palit, a senior research fellow and lead for trade and economic policy at the Institute of South Asian Studies in Singapore.

"By serving such tech giants, Chinese chip companies have an unprecedented opportunity to grow into global players," Huang said, adding that the country now uses more than half of the world's semiconductors.

"China is helping others fight a raging pandemic even if it's busy fending off possible new outbreaks at home," Pitlo told China Daily.

"China opposes an arms race and works to safeguard global strategic balance and stability. Moving forward, China will continue to firmly uphold multilateralism and actively participate in multilateral arms control processes to contribute to the maintenance of international peace and security," he said.