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"China's growth is set to stabilize," said Cheng Shi, chief economist at ICBC International.

"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.

"China should further streamline VAT brackets to encourage fair market competition, which in a sense reduces taxes for many enterprises," Liu said.

"Chinese wine customers are getting more sophisticated and they are open to new experiences," said Scarpa.

"Cooperation in East Asia is faced with new opportunities, and Premier Li's attendance at the series of high-level meetings is of great significance for upgrading the China-ASEAN relationship as well as deepening cooperation in the region," Hua said.