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As a result of deleveraging policies, growth of China's broad measure of money supply M2 slowed down in June from 9.6 percent growth recorded a month ago.

As a response, State Councilor and Foreign Minister Wang Yi said earlier this month that, "Plenty of facts are proof that the BRI is not a debt trap that some countries may fall into, but an economic pie that benefits local populations. It is not a geopolitical tool but a great opportunity for shared development."

As a global financial center, the added value of the financial industry contributed 17 percent to Shanghai's GDP last year, providing the infrastructure and environment for the development of fintech companies, according to the report.

As a candidate seeking the Republican presidential nomination and now as president, Trump has said trade deficits show a loss of US power and has cited them in imposing tariffs against China and on other countries.

As a province that used to rely heavily on coal mining, Shanxi in North China is now diversifying its economy through industrial reform.