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"Crowding, pollution and traffic - this is what people say about Manila," he said, gesturing at the gridlock.

"Customers' low financial capability as a result of a lack of related education has become one of the key pressures on China's financial inclusion drive," said Mo Xiugen, research head at the Chinese Academy of Financial Inclusion at Renmin University of China.

"Companies were required to go to various offices and fill different documents to complete the licensing procedures, which was often a time-consuming and labor-intensive process," said Chen Pengyun, chairman of a Tianjin-based vehicle trading company.

"China stands ready to work with Japan's new leader to continue to abide by the principles and spirit set in the four political documents between the two countries, deepen cooperation in fighting the COVID-19 pandemic as well as economic and social development, and promote the continuous improvement and development of China-Japan relations," said Wang.

"Companies are looking to reduce costs and rejig equity structure, along with an expanded focus on innovation-led development and structural upgrade."