Asia remains a relative bright spot in an increasingly dimming global economy, the International Monetary Fund said on Friday as it announced cuts in its Asia-Pacific growth projections.

At the intelligent manufacturing base of Goertek in Weifang City, east China's Shandong Province, tonnes of components are assembled into Virtual Reality (VR) equipment to be delivered to different countries.

Chinese President Xi Jinping on Wednesday urged a joint global push to uphold true multilateralism and foster an open and sharing services economy to inject vitality into the world's economic recovery, at a time when the global economy is grappling with a conflux of the still-raging pandemic, geopolitical tensions and rising concern over a global recession.

Chinese Vice-Premier Han Zheng has called for efforts to promote the healthy and sustainable development of services trade to make greater contribution to the recovery of the global economy.

About 78.34 percent of respondents from 22 countries believe the Chinese economy has injected vitality into the global economy in a decade and has become the engine of the world economy.

Although the global economy is facing mounting uncertainty and sluggish growth due to COVID-19, economic and trade cooperation between China and Europe, which maintains sound momentum based on complementarity and mutual benefit, can act as a counter-balancing force and help stabilize the world.

The expulsion of Russia from a major global financial system will cast a shadow over the world economy, which has already been hurt by the COVID-19 pandemic