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Mobile payments also picked up the growth pace in Q2, as transactions via banks and non-bank payment vehicles surged by 33.61 percent and 18.37 percent year on year respectively, according to the report.

Microsoft Azure tripled its cloud capacity and added two more cloud regions earlier this year to serve its 110,000 clients in the country. The move was an indication of stronger growth momentum in China, one of the world's largest IT markets.

Monetary authorities in other countries are also researching central bank digital currency or CBDC.

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Mobike and ofo are locked in a fierce competition to vie for supremacy of the burgeoning sector. Their rental bikes are available at no cost to the taxpayer, unlike those championed by former London mayor Boris Johnson, the so-called "Boris bikes", that are partially funded by Transport for London.

Miwa Kato, the director for operations in UNODC, commended efforts by experts and researchers in coming together saying it will drive not only inter regional, but intercontinental agenda with concrete domestic commitments. "Governments have shown that they are facing the enormous challenges of international crime, and partnerships are key stepping stones to having success. South-South Cooperation and North-South Cooperation are key to this endeavor," she said.

Monaco is the second leg of his three-nation Europe tour that has taken him to Italy. Xi will pay a state visit to France after the visit to Monaco.

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Microsoft is one of the world’s biggest gaming companies, but it is playing catch up with Amazon in terms of providing the infrastructure for developers to build games on its cloud platform. Microsoft has sunk a lot of resources into its cloud gaming push, making multiple acquisitions in recent months to set the stage for its new offering.

Models pose in a Bilibili booth at the 2018 Yangtze River Delta International Cultural Industries Expo in Shanghai. [Photo by Wang Gang / For China Daily]

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Migrant workers from Central China's Hubei province step off the train in Hangzhou, East China's Zhejiang province, on March 21, 2020. [Photo provided to chinadaily.com.cn]

Modern China was also showcased, with a green float illuminated to evoke the high-rises and smart buildings of Shenzhen.