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He said one of the reasons for the popularity of digital payments in China is that the country doesn't have large credit card companies trying to maintain market share. As a result, China was able to create a new type of payment infrastructure from scratch, Schulte said.

He said mechanisms to prevent people returning to poverty should be established or improved to secure residents' basic living standards amid the epidemic.

He said portraying US companies as innocent victims of Chinese pressure is certainly at odds with his own experience as an active participant in Morgan Stanley's joint venture with the China Construction Bank to establish China International Capital Corp in 1995.

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He said China will take gradual and cautious steps to achieve the goal, but some "bold" steps will be taken in the free trade zones.

He said many companies tend to invest in young, employees, but he suggested they should also invest in those holding senior managerial roles as they often need to do presentations in English and speak at international business meetings.

He said his life has become harder since Mount Agung began "coughing", making him barely able to make ends meet.

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He said future work will focus on pushing the infrastructure of 5G, highlighting the application of 5G technology in the automobile industry, and enhancing cooperation with global companies.

He said that he charges .5 for ferrying a passenger to the Athi River terminus, while cargo generates a higher revenue for the savvy entrepreneur, who is determined to remain in motorcycle transportation business for the long haul.

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He said efforts will continue to reduce the use of chemicals and pesticides while increasing their efficient use. Mechanization of the industry will also be promoted and emerging industries such as tourism will be fostered, he said.

He said that most Chinese cities face a challenge to transform from energy-intensive industries to new-energy industries.