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"Corporate income tax evasion in the region is especially acute," the agency said, adding that tackling tax evasion should be a priority, as the region lost 5 billion, or 6.1 percent of its GDP in 2018, due to tax noncompliance.

"China will further deepen the production capacity collaboration with the ASEAN as the country has an abundant amount of advanced production capacity and equipment, which ASEAN needs," said Gao. "China is willing to better implement the Joint Statement between ASEAN and China on Production Capacity Cooperation."

"Commercial banks, whether big or small, are not familiar with customer acquisition on the internet or using alternative data provided by third-party service providers to conduct credit investigations. Under the circumstances, fintech companies will serve as necessary enablers for banks," said Victor Li, executive vice-president of Pintec, a Beijing-based fintech total solutions provider.

"Citizens who own this card can enjoy many benefits. For example, they can get a 50 to 60 percent discount on bus or subway tickets," said Yang Shasha, a staff member of a state-holding company, which is in charge of issuing the cards.

"Compulsory education should not only be free but, more importantly, free of exams," Yang said.