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"Currently, some local governments are still illegally running into debt in disguised form, with the forms of debt becoming increasingly diversified and the risk growing," said a director of the finance department at the ministry.

"China's digital economy has scaled up from 11 trillion yuan to 35.8 trillion yuan, accounting for 36.2 percent of the GDP," Xiao added.

"China's development in power generation technology will (also) play an even bigger role in these economies' development, which is beneficial to the entire world," Yuan said. Cooperation between China and other Belt and Road Initiative economies is linked through development contracts and equipment exports. China has signed agreements involving 295 power projects with more than 40 countries in the past four years. These include coal-fired and hydropower stations in Southeast Asia, and wind farms and coal projects in South Asia.

"China's market comprises many rapidly growing businesses that are less encumbered by legacy IT systems than is typical in more developed markets, which means they can more easily adopt new IT models," said Kevin Meehan, a partner at Bain.

"Chinese railway workers sacrificed more than one life per mile of track. This was the buried history of blood and tears," Choy said emotionally.