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"But, even if everything had worked out perfectly, there could still be faults. And, even if everything is broken, there would still be lessons," he says.

"China is now our largest trading partner, and makes up for 19 percent of our total trade with the world."

"China never has and never will ask relevant countries to use natural resources as security for a loan. China's aid and support to the Philippines have no strings attached," Geng said.

"But today the tables are turned. The best domestic banks in China actually have better capabilities and more skills than the international banks in their consumer banking units here in China. So we are going back and learning from the domestic banks about how they evolve their business models here, how they partner with some of the most advanced fintech companies in China, and how they are redesigning customer experiences and customer journeys through their mobile and online platforms," he said.

"China is determined to make 5G a top priority on its national agenda, striving to take a leadership role in the global landscape. It is also pressing for participation in the formulation of the international 5G standard to make China one of the main players."