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China just leapfrogged in adopting mobile phones and became the largest cashless economy in the world, said Bratcher.

China will continue to safeguard the authority of the United Nations and uphold multilateralism, though major countries should take responsibilities for their actions, President Xi Jinping told visiting UN Secretary-General Antonio Guterres on Sunday.

China supports Pakistan to select its own development path, and China will continue to work with Pakistan as they support each other on issues related to their core interests, thus safeguarding the interests of both countries as well as the common interests of developing nations, Xi said.

China launched value-added tax reform in 2012, and it was extended to the construction, real estate, finance and consumer services sectors in May last year.

China overtook the United States in 2015 and has since been the largest market for such vehicles.