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China has four large State-owned banks, and State-owned enterprises generally have easier access to financing. Many small companies are troubled by the financing bottleneck, creating pent-up demand.

China has made major strategic achievements in COVID-19 prevention and control and its economy has recorded positive growth relatively quickly, thanks to the concerted efforts from both higher and lower levels, and state policies that are timely and effective, Li said.

China has made bond issuance the sole legal way for local governments to raise debt amid efforts to forestall systemic financial risks.

China had a cash-based payment system with low credit card penetration, so there were few barriers to the adoption of mobile payments, according to Weisblum. This has allowed for the rapid development of a robust Chinese internet and super-apps like WeChat, which exceeds the functionality of American apps and provided more interactive opportunity for retailers to customers.

China has issued and vigorously implemented its National Biodiversity Conservation Strategy and Action Plan (2011-2030). It has been exploring ways to coordinate biodiversity protection and green development with better life for the people. And it has been championing low-carbon, circular and sustainable way of life and production.