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"Global cooperation is ever so important to deal with a truly global crisis," said Gopinath, who warned that geopolitical and trade tensions could damage fragile global relationships at a time when trade is projected to collapse by around 12 percent.

"Generally speaking, the policies in lower-tier cities remained relatively more relaxed and capital flowed into those cities in search of investment opportunities."

"Generally, there are still some hard nuts to crack for us," he said.

"Frankly, I just don't see any evidence of this," said Spence, head of Australia's oldest university, with a student body of 67,000 and 15,000 overseas Chinese students that pay high fees.

"For those positions that need higher skills in technology or capital-intensive industries, longer-term training programs are necessary to help people gain enough knowledge and skills for jobs," he said.