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Ann Cairns, president of Mastercard's international operations, makes a point at a roundtable at the Singapore FinTech Festival in November last year. [Photo provided to China Daily]

Apart from technology collaboration, the two companies will further enhance financial cooperation such as developing investment and financial businesses by participating in each other's initiatives to absorb investors and setting up a fund, the agreement said.

Another visitor, Zhou Ming, a retiree and avid collector of vintage Lianhuanhua, a Chinese form of picture story books, share the same sentiment about reading physical books.

Another global challenge is climate change and the implementation of the Paris Agreement. Van der Bellen said: "Cooperation on the international level between the European Union and China is key for the future of our planet, in particular with a view to the Climate Change Conference later this year."

Another trend the Ministry of Commerce observed is that online players such as Alibaba Group Holding Ltd and JD.com Inc are expanding offline to improve the consumer experience with convenience stores as an emerging market.