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China is currently the largest trading partner of more than 120 countries and regions, he explained, with its exports providing high-quality goods for companies and people all over the world.

China is edging its way toward being a cashless society. I have travelled across the country, and from city to village, cash is no longer king. It is becoming increasingly more common place to use one of the various payment apps you can install on your phone.

China has set 2020 as the target year to achieve poverty eradication, with GDP and per capita income doubling from 2010 levels.

China is expected to expand the central bank's digital currency pilot programs to a broader range later this year or early in 2021, focusing on retail use. That may replace some functions of bank cards, a former State bank executive said.

China has seen significant improvement in its business environment in recent years, said Lau.