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Businesses with annual payroll lower than million are not subject to the tax. Grocery businesses and independent contractors are also exempt. The tax will be collected quarterly.

Built in 1977, the cooperative maintains its original look-antique wooden shelves and counters, papery posts and various commodities-that evokes the memories of the 1980s.

Building an international financial hub in Shanghai and to further open the financial sector is part of China's new growth paradigm, which will ensure a decisive role for the market in resource allocation. It will also enable the country to better pursue independent development and openness, according to Tu.

Both sides should also work together firmly to promote international cooperation to tackle climate change and enhance digital cooperation, Wang said.

Business services group EY said in a report earlier this year that China is now in a leading position among 20 major markets in terms of fintech use in areas including money transfers, investments, borrowing and insurance.