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Cash withdrawals from ATMs via QR codes and similar innovative solutions will also be available in the future, according to UnionPay.

Chen Bin, executive vice-president of the China Machinery Industry Federation in Beijing, said it is vital for China to boost exports in sectors such as passenger vehicles, electronic products, furniture, clothing and foodstuffs as they involve a large number of upstream and downstream industries with millions of industrial workers in both domestic and global markets.

Carenia Kuan spoke with Zhou Wenting.

Ceyla Pazarbasioglu, World Bank vice president for equitable growth, finance and Institutions, said in a press release that "while almost every economy faces headwinds, the poorest countries face the most daunting challenges because of fragility, geographic isolation, and entrenched poverty."

Cheah Cheng Hye, co-chief investment officer of asset management company Value Partners, said Hong Kong-listed stocks are still relatively cheap because they trade at about 14 times earnings capacity.