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Beutner noted that New York City spends more than ,000 per public school student per year compared with ,000 in California.

Besides, the regulator kept dismantling high-risk shadow banking and reduced the volume of this type of business by 16 trillion yuan over the last three years compared to the historical record. It also severely punished banks and insurers for allowing funds to flow into the real estate sector by violating regulations. The growth of bank loans directed to the property sector dropped by 3.3 percentage points year-on-year in 2019.

Bert Fabian, the programme officer in the air quality and mobility unit of UNEP Asian and the Pacific office, told Xinhua in an interview that the introduction of electric vehicles could help Manila address such problems as traffic jams or air pollution.

Berglof said China's best option to contribute toward upholding international order is "through deep engagement with the rest of the world community and ensuring that it does so in a transparent and collaborative manner", especially when it comes to international projects such as the China-proposed Belt and Road Initiative.

Besides, 2.25 million people have been evacuated due to floods, it said.