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Another area where Shanghai enjoys unique advantages is the establishment of pilot zones, Li noted, where AI-powered applications in manufacturing, finance, healthcare, autonomous driving and robots are encouraged to test the waters in the city.

Ant Check Later is a service by Chinese fintech, or financial technology, giant Ant Financial Services, an affiliate of Alibaba Group Holding Ltd.

Apart from seeking for more business growth drivers in China, foreign banks are also eyeing more opportunities for doing business with Chinese companies overseas as an increasing number of the firms are expanding their global footprint, especially in the economies participating in the Belt and Road Initiative.

Another 11 mobsters were arrested in Causeway Bay and Sai Wan on suspicion of possessing offensive weapon.

Another round of recall will begin on Dec 29, which will affect more than 2.51 million Chevrolet and Buick cars, according to GM China and Shanghai GM, a joint venture between GM and SAIC Motor.