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Barbara Woodward, the British ambassador to China, delivers a welcome speech at the British Embassy Open Day in Beijing on Saturday. [Photo provided to chinadaily.com.cn]

Bai Xuemei, vice-president of CD Finance, a Beijing-headquartered rural microfinance institution, said on the sidelines of the forum: "With the development of science and technology, some very capable institutions that highlight financial technologies have emerged, offering loans via microcredit companies. The market impact they have created with their capabilities is something that was not expected by regulators and the existing market players."

Ballard Power Systems, a clean-energy fuel cell maker based in British Columbia, has suspended all but essential travel. It will affect about 50 employees who travel from Canada to Ballard's operations in China, the Star reported.

Baidu has also set its sights on overseas markets. The company has teamed up with King Long and SB Drive, the autonomous driving subsidiary of Japan's SoftBank Group, to bring Apolong autonomous minibuses to Japan for operation in cities such as Tokyo in early 2019.

Back in 2013, the online giant set up a deep learning lab and since then it has invested heavily in R&D programs across the world, including in Silicon Valley, the technological hot house of the US.