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"Given the grim statistics on how we are poisoning ourselves and our planet, bold decisions from the UN Environment Assembly are critical," said Erik Solheim, head of UNEP. "That is as true for threats like pollution as it is for climate change and the many other environmental threats we face."

"Foremost, it will promote structural reform domestically and help propel growth forward in China," Gupta said. "And because China is such a huge contributor to global growth and increasingly to global consumption too, the world economy will grow much more prosperous on the back of China's growth."

"From the government's perspective, one thing is certain, it is unlikely to intervene unless market expectations lean too much either toward appreciation or depreciation," he said.

"Given EMVCo's wide global presence and great influence, there is no doubt that the alliance will increase Alipay's credibility in the world and help the company to go global," said Li Chao, senior analyst of consultancy iResearch.

"For any company, China is a strategic market that cannot be ignored," she declared, noting that "it is a privilege that GE is a participator, witness and beneficiary of China's social and economic development."