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And the Fed's policy-setting Federal Open Market Committee at the conclusion of its two-day meeting on Wednesday pledged to hold rates at zero "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals".

Andrew Jones, exchequer secretary to the Treasury, said Britain is an innovative hub with skills and services that are in high demand around the world. He said the nation is a leader in electric vehicle technology.

Analysts said the Trump administration's tax cut and increased government spending have contributed to the rise of budget deficit in Donald Trump's first full fiscal year as US president.

Analysts said this is because migrant workers have always sent money back to their families. But the pandemic has changed that, with lockdown measures shuttering businesses and increasing unemployment rates.

Analysts at investment bank China International Capital Corp said that policymakers will likely tone down the importance of a specific growth target for this year at the annual NPC meeting later this month. The policy priorities will be achieving poverty reduction goals, ensuring people's basic livelihoods and keeping employment stable.