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Backed by Shanghai-based conglomerate Fosun International Ltd, the Hangzhou-Shaoxing-Taizhou line will stretch 269 kilometers across the central and eastern parts of East China's Zhejiang province. So far, the project has attracted total investment of 44.89 billion yuan ( billion).

Backing for globalization, innovation wins applause from forum attendees

Back then, Yan barely had enough of a harvest to feed his family of eight.

Banks are fighting back by arming themselves with fintech. Since November, the Bank of China (Hong Kong) has been working on the utilization of blockchain, artificial intelligence, big data analysis and vein recognition technology in its banking business.

Based on earlier experiences, it is clear that bad loans will drag down economic development during the recovery process and weaken the banks' ability to serve the real economy. The key task for global financial institutions in the long term is how to hone their nonperforming loan capabilities, said Quinn.