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"Greater efforts should be made in streamlining administration, compliance oversight and offering better services. An internationally competitive business environment would have equal treatment for domestic and foreign enterprises and stimulate market entities and social creativity," according to the State Council.

"For example, China has the best 5G and is good at infrastructure construction, while we have fruits and the canal," he said. "We are not competitors, but can help each other to create a win-win solution."

"For us, it was more like an open platform where we could broad our horizon and learn from foreign companies. But since the second WRC, we have achieved more precise positioning of ourselves and become more mature."

"Global cooperation is ever so important to deal with a truly global crisis," said Gopinath, who warned that geopolitical and trade tensions could damage fragile global relationships at a time when trade is projected to collapse by around 12 percent.

"Guangzhou will continue to spare no effort to promote blockchain innovation and development and take blockchain as an important breakthrough for independent innovation of core technology, and strive to build the city into a domestic blockchain industry cluster in innovation and application industries.