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"But of course, some countries are going to be hit especially hard, and some of the weaker banks might need to be resolved," he said, "furthermore, in some countries, there could even be system-wide distress."

"China is well-placed to help lead that effort," Sachs said. "China's advances in green and digital technologies are beneficial not only for China but for the whole world, such as the deep reductions in the costs of renewable energy and 5G," he said.

"China is willing to work with the international community to safeguard the international system with the UN at its core and an international law-based order, advocate the principle of achieving shared growth through discussion, and collaboration in global governance, " Li said, also expressing China's commitment to contribute to the reform of the global governance system in the right direction and safeguard international equity and justice.

"China is ready to work with Zambia to uphold the fine tradition of friendship and cooperation, promote bilateral ties in a strategic and long-term perspective, and continue to show mutual understanding and support each other on issues concerning the core interests and major concerns of the two countries," he said.

"China has already made significant progress in the research and development of 5G, and more efforts will be made to ensure Chinese companies are at the forefront," Chen Zhaoxiong, vice-minister of the industry and information technology, said at a forum last month.