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But major Chinese cities' development pace hasn't slowed down and remain economically competitive globally. The number of Chinese cities that joined the top 100 in global economic competitiveness rose from 18 last year to 20 this year. Some second- and third-tier cities also performed well. For instance, the forum's host city Ningbo figures among global top 100 for the first time this year, rising 11 places in one year, the highest jump in China.

But Toronto will soon be home to another American tech giant. Google is relocating its Canadian headquarters to the city as part of a novel project with Sidewalk Labs, another company under the Alphabet umbrella. Sidewalk is designing a mini smart city on Toronto’s waterfront as a test case for how technology could improve urban planning. When Google comes to town, it will mean increased competition for talent.

But for all its stories, if you ask Chinese people what they knew of Sarajevo, the chances are they would say one word: "Valter."

But gradually, consumption and service sector have become new benchmarks of the Chinese economy. In the first quarter, 77.2 percent of growth was driven by consumption, and the service sector accounted for 56.5 percent of the overall economy. In terms of growth, the service sector leaves agriculture and the secondary industry far behind.

But is this a sign of overconfidence from investors that the Fed will come to the rescue?