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Deals for 37 projects are signed during a Yangtze River Delta regional cooperation meeting at the Shanghai Hongqiao State Guest House in Shanghai on July 20, 2020. [Photo provided to chinadaily.com.cn]

Data from the Shanghai Financial Services Office showed 1,605 licensed financial institutions were registered in Shanghai by the end of last year, more than double the number a decade ago. Among these FIs, 501 were financial service providers from other countries and regions.

David Dollar, a senior fellow at the John L. Thornton China Center of the Brookings Institution, said BRI is a global effort on China's part to fund infrastructure investment. He said currently most projects are undertaken by Chinese companies, so "there are not a lot of business opportunities for US firms".

Debt-to-equity swap programs worth over 900 billion yuan (0.4 billion) have been implemented since early last year, resulting in a marked improvement in the performance of the companies concerned, it was stated at the meeting.

Dai Bin, App Annie's regional director for China said that, innovation in the mobile internet sector would be led by China and the same would percolate to other parts of the globe.