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Based on the strength of Chinese economy and the international status of the renminbi, "Shanghai is uniquely positioned" to become a global financial center, which will further integrate itself with the global financial system, said Wang Jiang, a professor of the Mizuho Financial Group, which is part of the MIT Sloan School of Management. "A standardized and well-developed market can be a pathway to globalization," said Wang.

Bavy said the port has planned to seek China's aid to expand the port's capacity from 300,000 TEUs to 500,000 TEUs in the third phase from 2020 to 2022.

Bank of China Ltd said it has signed a cooperation agreement with the government of the Guangxi Zhuang autonomous region to build an open financial gateway to the Association of Southeast Asian Nations.

Barijat, the 23rd typhoon of the year, formed on the South China Sea and was increasing in strength as it moved westward at 10 to 15 kilometers per hour on Tuesday morning, the Hainan provincial meteorological bureau said.

Baek said the plenary session would kick off at 10 am local time (0100 GMT) Tuesday at Peace House in the ROK's side of the truce village of Panmunjom.