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Despite recent stock market volatility, the Hong Kong dollar exchange rate has remained stable, interest rates have stayed low, and financial markets have also been operating in a smooth and orderly manner, Yue said.

Despite the huge reduction, the baseline projections suggest that 6 percent of the world's population will still be living in extreme poverty in 2030, if current trends continue.

Despite suggestions that Chinese investors would avoid the United States as an investment destination because of strict regulations from US authorities, there was in fact an increase in deals into the US. Asia also saw a sharp increase, partly influenced by the Belt and Road Initiative.

Describing Beijing as a testing ground for the nationwide opening-up of the service sector, Wang Shouwen, vice-minister of commerce, said: "We can expect new progress and breakthroughs in easing market access, speeding up institutional reform and establishing supportive systems for the sector."

Despite that, the IMF chief economist flagged trade tensions as one of the big downside risks going forward. "You could have worsening trade tensions and investment tensions and technology tensions, and that can certainly be a hit to the global recovery," she said.