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"For the post-pandemic era, China has reiterated its commitment to deeper and larger reform and opening-up, as well as to the free trade system and multilateralism," said Koh.

"Growth continues to improve in terms of structure and quality, indicating that China has made strong progress in rebalancing the economy," said Zhou, who stressed that the financial regulator's battle to lower the debt burden had shown some results but was still in the "early stages".

"Governments will need to pursue a credible medium-term fiscal plan that relies on improving revenue mobilization -- including through minimizing tax avoidance, greater tax progressivity in some cases, carbon pricing and higher efficiency in spending," they argued.

"Harvard's Asian quotas, and the overall racial balancing that follows, have been ignored by our federal agencies for too long," Blum said in a statement on Tuesday. "This investigation is a welcome development."

"Financing support is indispensable for any country which is at the stage of economic takeoff, especially the initial stage of industrialization. Without financing, it would be difficult for African countries to achieve industrialization and modernization," Geng said.