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China's economy grew 3.2 percent year-on-year in the second quarter, following a 6.8-percent contraction in the first quarter, according to the National Bureau of Statistics (NBS).

China's foreign exchange reserves fell for the second consecutive month in March to .06 trillion, amid global capital market shocks hit by the spread of the novel coronavirus, the nation's foreign exchange regulator, the State Administration of Foreign Exchange, reported on Tuesday.

China's digitization drive will be made easier, with more investment into internet sectors, stimulating data consumption and improving national competitiveness.

China's four largest banks in terms of total assets, namely Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank, have successfully upgraded their banking licenses from being subsidiaries to becoming fully-fledged branches in the DIFC, Jaffery noted.

China's financial supervision needs to keep pace with new changes and phenomena in the sector, and supervision rules must be updated in a timely manner, stressed Guo Shuqing, chairman of the CBRC.