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But, China is no longer a low-wage country and its infrastructure is among the best in the world - both very good things. So, the current economic strategy is based on increasing domestic consumption supported by rising wages and the production of higher tech and higher value-added goods and services.

By Tuesday, about 141 international organizations, foreign embassies, commerce chambers and institutions are expected to participate in this year's event, a major comprehensive exhibition in services trade, said Sun, adding overseas guests, exhibitors and purchasing agents will mainly attend the online exhibitions and all types of entities in China will mainly take part in the offline exhibitions.

Buttigieg and Biden attempted to talk by telephone on Sunday but did not connect, according to a Buttigieg adviser.

But what delights investors more is Tencent's ability to make money out of its vast social network empire through digital advertising to "mobile wallets".

By Tuesday morning, the storm was downgraded and forecasters said it would not make landfall.