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Businesspeople and young entrepreneurs are upbeat on Hong Kong's future, saying the city will continue to enjoy benefits brought by national development, especially with the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.

Burning paper money is a traditional way of paying tribute to the deceased in China on Zhongyuan Festival, or the Hungry Ghost Festival, which falls on Thursday. The festival falls on the 15th day of July according to the lunar month and is a day for people to pay their respects to the deceased by offering sacrifices.

Both the Internet giants have actively expanded their services overseas since last year. Alipay can be used in several hundreds of thousands of shops in over 70 countries, while Wechat has landed in 19 countries and regions, including Japan, Thailand and Republic of Korea - most popular destinations among Chinese tourists.

But China is still relying too much on the investment growth, he warned, suggesting China could build a social safety and boost consumption to move towards more balanced domestic demand-led growth.

Brazilian conglomerate Embraer SA, a commercial aircraft manufacturer, said it is bullish on prospects in China's rapidly growing low-cost and regional aviation market, triggered by an increasing air travel demand from smaller Chinese cities.