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Ant, which claims to have 1 billion global users, has already gotten a range of financial licenses in China covering payments, online banking, insurance and micro lending.

Anwar Abu Sbaitan, senior executive officer of Kuwait-based asset management firm Kamco, said that the UAE and Saudi Arabia represent 75 percent of the GDP in the GCC countries, hence foreign banks have to run a presence here to bank on the region's prospects.

Another business opportunity occurred to him when he learned that walnut hulls could be used in making dyes. Wang cooperated with a tech company in the city of Chengdu to extract plant pigment from hulls to make hair dye.

Another area where Shanghai enjoys unique advantages is the establishment of pilot zones, Li noted, where AI-powered applications in manufacturing, finance, healthcare, autonomous driving and robots are encouraged to test the waters in the city.

Antonio Villafranca, research coordinator and co-head of the Europe and Global Governance Centre, Italian Institute for International Political Studies, said at the Global Think Tank Webinar on Wednesday that when the coronavirus outbreak hit Europe, he and colleagues had been requested by European governments to provide economic recipes. The European Union countries have also agreed last week "for the first time in history" to set up a 750 billion euro (7 billion) recovery fund to help member countries recover their economies ravaged by the pandemic.