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"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.

"China has aimed at science and technology innovation and added R&D investment for years, which aligns with S&T breakthroughs. However, there is no direct link between R&D investment and the increasing number of patent applications. China's great input－such as in aerospace and military industry－is hardly apparent in the patent numbers," Zhang said.

"China is such a big market that there is room for everyone," said Roberto Coronel Kronfle, of Industrial Pesquera Santa Priscila, an Ecuadorian shrimp company.

"By the end of June, China has some 12,000 recycling points for disposed packages, and boasts about 20,000 new energy vehicles," he said, adding that over 96 percent of express delivery orders are now placed through a paperless, electronic logging system.

"China has made great progress, but if you reflect back, the Global Findex showed that we went from the low 60s to about 69 percent of people in the world covered in terms of financial access," Kim said, referring to the finding that globally 69 percent of adults, or 3.8 billion people, have an account at a bank or mobile money provider, up from 62 percent in 2014.