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"China hopes to cooperate closely with the Philippines to build the high-quality BRI, jointly maintaining multilateralism and promote regional development," said Chen, adding that Chongqing Municipality is also willing to share the opportunities with Philippine local governments to make new contributions by boosting exchanges and mutual learning from each other.

"CIIE is a gateway for international companies to develop business in China," said Richard Hausmann, president and CEO of Elekta, a manufacturer of radio surgery and related cancer-care equipment in Stockholm, Sweden.

"Central banks can act quickly to help ease the tightening of financial conditions by injecting liquidity and cutting interest rates, thus preventing a possible credit crunch," said Tobias Adrian, an official at the International Monetary Fund. "In fact, markets have been anticipating aggressive easing by central banks, as reflected in the sharp fall in sovereign bond yields in many countries around the world.

"But there is still a structural gap between China's service trade and other economies. The country's per-capita service trade is smaller than many countries."

"Chicago started something and embarked on a different road five years ago," he said. "If we do this right..., the rain will disappear, the sun will come out, and something beautiful will grow."