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"China should seize opportunities to boost innovation in deep learning, smart algorithms and chips, and modernize industries with AI technologies," Lin Nianxiu, deputy head of the National Development and Reform Commission (NDRC), told a room of entrepreneurs, researchers and policy-makers at the congress, which was held from May 16 to 18.

"China's rejection will only push the global waste recycling technologies to make breakthroughs," he said. "Yet, for some countries that habitually export solid rubbish to China, it is hard to accept this reality."

"Corporations are diversifying their investments by increasing RMB bonds, instead of focusing on investment in US dollar bonds," said Ivan Chung, head of China credit research and analysis at Moody's Investors Services.

"Chinese manufacturing has been gaining more and more recognition from foreign countries. Not only do we have more advanced technology and better services, we are also more flexible," said Zheng.

"China traditionally tends to opt for stability, including foreign exchange stability, at times of international turmoil, building up a reputation as a responsible international actor," said Kuijs. "At times of anxiety about the country's economic outlook, supporting the yuan also serves to prevent financial outflows."