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At the summit, the city formed a partnership with the China Electronics Standardization Institute. The two will join hands in compiling the regional standards on joint development between blockchain and IoT industries, the first of its kind in China.

At the event, Lamy told Xinhua that the Belt and Road Initiative would play a role in facilitating the ease of connectivity between the European Union nations and the Pacific nations, helped along by the increased development that has been pegged for the region by China, and its initiative partners.

At the 2018 Beijing summit of the Forum on China-Africa Cooperation (FOCAC) held last week, African leaders dismissed claims of a debt trap. South African President Cyril Ramaphosa said FOCAC "refutes the view that a new colonialism is taking hold in Africa, as our detractors would have us believe." Rwandan President Paul Kagame, who also holds the rotating chair of the African Union, said the "debt trap" hype is an attempt to discourage Africa-China interaction.

At the outset, it is worth recalling that the system has faced worse challenges in the past. German democracy crumbled in the 1930s to be replaced by the totalitarianism of the Nazis who then overran the democracies of much of Europe.

At the China Finance 40 (CF40) Forum over the weekend in Yichun, Heilongjiang province, Zhou said China should attach great importance to expansion of the yuan's global usage, a key measure to defend disruptions from the US-controlled dollar-centered international reserve currency.