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But signals have shown that Chinese policymakers are cautious about giving the final go-ahead, due to the proliferation of asset management products that included around 29.54 trillion yuan (.68 trillion) of bank-issued wealth management products by 2017. In addition, any indiscreet move without strengthening financial institutions' liquidity and capital buffers could inadvertently raise stability risks, said experts.

But low salaries under the planned economy constrained people's travel demands. Few people could afford to travel, and there was no significant rise in the number of trips made during Spring Festival.

But it has witnessed a growing number of technology and financial companies showing their willingness to come to China. Companies from North America, Europe, and Asia are the most interested in exploring the Chinese market, said Ai.

But out of concern over the coronavirus rapidly spreading in the US, former vice-president Joe Biden and Senator Bernie Sanders canceled their rallies scheduled for Tuesday night in Ohio. The campaigns of the two Democratic presidential contenders said their future events will be contingent on how the epidemic develops.

But building a healthy economy required a solid legal foundation, which the country lacked in the 1980s. "Back then, every time we wrote a contract, we were essentially writing new law, because everything was blank."