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Ant Financial, owner of one of China's largest payment platforms — Alipay, was spun out of Alibaba in 2011, and runs other businesses like money market fund — Yu'e Bao and credit scoring — Sesame Credit. As a document to potential investors seen by the Financial Times showed, it claims to have 622 million users, 520 million of whom use Alipay, and manages 2.2 trillion yuan (5 billion) worth of assets.

Another industry zone, developed by China Civil Engineering Construction Cooperation in Hawassa, started operation in 2016. Berhane said that it aims to create 50,000 jobs and generate billion a year.

Another approach to providing legal services of higher quality to foreign businesses and individuals is to promote joint ventures between local and foreign law firms, he said.

Another positive is that nearly 800 fund products were launched this year (till Sept 29), with Bosera Asset Management Co Ltd and China Southern Asset Management Co Ltd unveiling more than 20 products each.

Another report by World Economic Forum said that China's innovation-friendly atmosphere and not consumer-focused traditional finance sector boosted such a remarkable development.