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Anwar Abu Sbaitan, senior executive officer of Kuwait-based asset management firm Kamco, said the UAE and Saudi Arabia represent 75 percent of the GDP of the GCC countries, hence foreign banks have to have a presence here to bank on the region's prospects.

Another challenge, Lardy said, is how to continue to provide much needed policy support and at the same time try to limit the increase in debt-to-GDP ratio so as to reduce financial risk.

Another major achievement is China's signature Belt and Road Initiative. Many international organizations and countries across Asia, Africa and Europe have shown their enthusiasm and participated in this initiative. In fact, we are honored to be one of the key institutions in this important initiative, working alongside both Chinese and international partners for many years.

Apart from supervision over foreign debt issuance, authorities have tightened control over property speculation to curb financial risks.

Any person who provides bio-pharmaceutical products that do not meet the buyer's requirements in quality and nature will be fined and imprisoned for three months at maximum, according to the city's laws.