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Baidu will use AI as a fundamental driver to elevate its current core businesses, specifically Mobile Baidu, search and feed in order to achieve the company's new mission to make a complex world simpler through technology, said Robin Li, Baidu's chairman and chief executive officer.

Banks also promoted the enhancement of institutions to relieve loan officers from the liability for loan defaults as long as they have performed appropriate due diligence, in an effort to improve access to finance for private enterprises, the spokesperson said.

Bai Ming, deputy director of the international market research institute under the China Academy of International Trade and Economic Cooperation, said organizing the event online is not only a flexible measure to deal with the pandemic, but also an innovative measure to upgrade the traditional fair, as the internet and smartphones already play a big role in people's lives and business activities.

Ba Enzhou, co-founder of the center, admitted that the videos and pictures were taken at the center but they have been interpreted out of context.

Bank of China New York Branch is also expected to start offering invoice finance for US vendors operating at Chinese e-commerce platforms in the middle of 2019, said Yu.