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"China will continue to let the market play a decisive role in the formation of the renminbi exchange rate," Yi said in a statement to the International Monetary and Financial Committee.

"China's social credit system won't replace our legal system or moral principles. They complement each other," said Han Jiaping from Chinese Academy of International Trade and Economic Cooperation, Ministry of Commerce.

"China will continue to deepen digital financial inclusion, which will restructure traditional financial models and become a direction of business transition for financial institutions. Digital financial inclusion will bring changes to financial concepts and the organizational structure of financial institutions, restructure their business procedures, and improve their data integration capability and technical skills," said Zeng in delivering a report at the second China financial inclusion innovation and development summit recently held by People's Daily.

"Chinese businesses will inevitably take on a global leadership role as it participates more closely in this conversation. Yet a variety of barriers must be navigated in order for that leadership to be viewed favorably and with trust," the report said.

"Currently, the BFA secretariat is maintaining communication (with the central government) and has received positive feedback regarding the presence of State leaders ... at the 2019 annual conference. Also, a number of Asian and European government leaders have stated their intention to participate."