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But Joseph Nye, a Harvard professor and prominent US foreign policy expert, warned in a recently published article that the world needs to acknowledge what he calls "the Kindleberger Trap," by which he worries that China could fail to provide global public goods while the global system could sink into "depression, genocide, and world war."

But monetary authorities are keeping a close watch on changes in the global and domestic economic, financing situation. The PBOC reaffirmed that necessary and innovative monetary policy tools will be used to counter financial stress and keep liquidity at a reasonably ample level.

But owning a majority stake does not guarantee business success in China and foreign banks still face challenges in penetrating the Chinese market and making their business profitable.

But in 2018, the Philippines posted a record high 7.1 million tourist arrivals. Nearly half of them came from South Korea, China and the United States, according to the Philippine Department of Tourism.

But even so, Supermonkey has a less optimistic view, estimating a decrease in visitor numbers to offline gyms within three months.