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Doctors check a patient's health at Leishenshan, or "Thunder God Mountain", Hospital in Wuhan, Central China's Hubei province on Feb 9, 2020. [Photo by Gao Xiang/For China Daily]

Director of the Department Central Asian and Caucasian region of the ?nstitute of Russian, Eastern European and Central Asian Studies of the Chinese Academy of Social Sciences Zhang Ning pointed out that located in the grounding zone of Europe and Asia, Azerbaijan has an important geographical and strategical position. "Azerbaijan is a secular country with inclusiveness and openness,” he said.

Despite the tremendous increases in local government debt, the total has been well within this year's upper issuance limit set by the nation's top legislative body. Special-purpose bonds, worth about 570 billion and 270 billion yuan, may be issued in September and October respectively, predicted the report.

Dizon said the government was also looking to establish industrial parks elsewhere in the Philippines.

Deva stressed there is too much hype of the so-called "debt trap" by China but little has been said about the huge amount of debt China has written off.