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By comparison, the 7.78 million visitors from other countries spent a total of 31.7 billion Australian dollars (.56 billion) at an average of 4,074 Australian dollars (,900.1) each.

But the value of new loans for each of the remaining quarters should be less than the first one due to seasonal factors - that is, financial institutions usually issue more loans during the first few months of a year than other months, said Xu.

But the three fundamental objectives of public financial management remain valid－to maintain a sustainable financial position, to allocate resources to ministries and programs effectively and to deliver public services with good value for money－which requires a variety of tools to achieve these goals, World Bank experts said.

But with authorities slated to announce more measures to curb speculation and keep prices in check, Xie expects sales in the lower-tier cities to slow down.

But tensions have mounted in terms of global economic and trade relations in a year's time, which have been aggravated by the COVID-19 pandemic, said Zhao Xiaolei, director of the FTZ research institute at the Shanghai University of Finance and Economics.