The eurozone economy is on track for recovery, driven by the European Central Bank's loose monetary policy and also by increasing exports, Mario Draghi, the bank's president, said in Shanghai on Monday.

"The economic situation in the euro area remains challenging but there are a few signs of a possible stabilization, and our baseline scenario continues to be one of a very gradual recovery starting in the latter part of this year," Draghi told the International Monetary Conference.

Analysts said a recovery in the eurozone's economic situation will benefit China in the long run as risks in the region may be reduced, helping to boost the prospects of China's export-led companies.