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Around the turn of the century, fundamental reforms liberalized the property and job markets. The process of converting government-run factories to corporatized and more productive State-owned enterprises also kicked off in this period. In 2001, joining the World Trade Organization confirmed a large set of market-oriented reforms and opened many sectors to foreign competitors.

As China is still in the process of transitioning from a quantity-based economy to a price-based framework, precisely gauging the monetary policy stance can be challenging as "the central bank utilizes many instruments, balances many objectives, and faces many constraints", said Shan.

Around 108,000 visitors are expected to attend the 2018 MWC, where 2,300 companies will be exhibiting their products and services.

Approximately 2 million residents applied for a lucky draw, and winners were excited not only because of the monetary bonus but also the privilege of trying out the new currency at more than 3,000 businesses such as restaurants, supermarkets, gas stations and barber shops.

April 1999-November 1999: Regional vice-president and general manager of China, FedEx