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RMB clearing banks in Hong Kong and Macao will not be required to hold deposit reserves at the PBOC Shenzhen and Zhuhai branches.

Quoting an old Chinese saying, he said that "if people work together, nothing is impossible".

Regarding China specifically, SIC predicted an annual growth of 40 percent in sharing economy market volume. By 2020, the sharing economy is estimated to account for over 10 percent of China's GDP, according to Zhang.

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Read Baquet’s full post here.

Rajnesh Bhuee, a consultant in Nairobi, noted that such events create opportunities to stimulate more private sector engagement supported by already existing infrastructure, such as the standard gauge railway.

Railway employees remove ice from a train track in the Xinjiang Uygur autonomous region in January, 2020. [Photo provided to China Daily]

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ROK's President Moon Jae-in and top DPRK leader Kim Jong-un agreed in their third summit in Pyongyang last September to hold the video reunions and the exchange of video messages for the separated families.

Reform brings far-reaching changes to Jiangsu

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Recent stock market volatility and intensified regulation to curb financial risks will not derail China's effort to reform and open its capital markets, and foreign fund managers have expressed optimism regarding the Chinese market's long-term prospects, the AMAC official said.

Reforms have been the major driving force sparking innovation and creativity in societies, he said, adding that the drive to open up had also prompted the nation's development.