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More than 100 participants, including members of the Asia Society and members of the U.S. strategic sector, attended the event.

"As digital payment, especially mobile payment, gets popular in the country, basic financial services are generally available in all urban and rural areas," Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC) said at the Singapore Fintech Festival.

Over the past 40-plus years of reform and opening up, more than 700 million people in China have been lifted out of poverty, contributing more than 70 percent of the global poverty reduction, Xi added.

To optimize the pilot, the People's Bank of China started cooperation with major e-commerce and fintech companies such as JD Digits and Didi Chuxing. By the end of August, over 6,700 pilot scenarios covering catering, transportation, shopping, household bill payment and civic services were established for digital RMB payment.

In a recent article published on "Pearls and Irritations," a specialist blog focusing on policy development, Evans, who was the Australian minister for foreign affairs between 1988 and 1996, pointed out four key failures of Australia in managing its relationship with China.