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Apart from the main body of the project, the Chinese constructor also built schools, roads, bridges, wells and water channels for the locals to make their lives more convenient, he said.

Another breakthrough in the rule of law in recent years was the adoption of the country's first Supervision Law in March 2018 — and the establishment of supervisory commissions across the country — which improved the country's supervisory system and intensified the fight against corruption.

Apart from heightened competition with newcomers to the financial sector, banks are also facing challenges such as narrower net interest margins and financial reforms highlighting the regulatory prohibition of the conduct of multitranche channel business.

Another reason preventing a further easing of the monetary policy is the need to prevent systemic financial risks. But fiscal policies can play a major role in supporting economic growth in China, he said. "When unconventional monetary policies are becoming conventional, it will be difficult to come back," which in turn may lead to corporate debt surges or stimulate property bubbles.

Anyone who dares to use funds earmarked for public well-being for corrupt purposes will be held accountable, he said.