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Antitrust scrutiny of Amazon is intensifying as new details reveal how the company treats third-party sellers in its marketplace. Regulators in California, Washington state, and Europe are reportedly homing in on Amazon amid reports that the company uses its colossal size to compete directly with other retailers on Amazon.com.

Another area which holds great potential for cooperation is financial services, Xu said.

Antonio Villafranca, research coordinator and co-head of the Europe and Global Governance Centre, Italian Institute for International Political Studies, said at the Global Think Tank Webinar on Wednesday that when the coronavirus outbreak hit Europe, he and colleagues had been requested by European governments to provide economic recipes. The European Union countries have also agreed last week "for the first time in history" to set up a 750 billion euro (7 billion) recovery fund to help member countries recover their economies ravaged by the pandemic.

Another notable change is, Chinese tourists visiting foreign lands, including Japan, are no longer splurging on foreign bags, watches and clothes.

Ant said the Alipay mobile app handled 118 trillion yuan worth of transactions in the Chinese mainland in the first half, in the year to June, while international transactions stood at 622 billion yuan. Some 80 million businesses have adopted the service till date, for which Alipay charges a fee, it said.