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"China's law on the protection of minors defines them by age, instead of height. Only those who have reached 18 years are regarded as adults," said Peng.

"Continuous innovation is also needed, because the society is evolving at a very fast pace in China," Crozier said.

"China's regional leaders have long become aware that city clusters will play a vital role in regional and even the whole country's development," said Han Yongwen, vice-president of China Center for International Economic Exchanges. "According to the 13th Five-Year Plan (2016-20), the country is planning to set up 19 city clusters, accounting for 22 percent of the country's total size, 54 percent of the national population and 75 percent of the national GDP."

"Customers' low financial capability as a result of a lack of related education has become one of the key pressures on China's financial inclusion drive," said Mo Xiugen, research head at the Chinese Academy of Financial Inclusion at Renmin University of China.

"China will keep its commitments," said Chua, who was attending the forum as a member of the Philippine business delegation.