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Ant Group, formerly known as Ant Financial, is best known as the parent company of the Alipay mobile wallet. Alipay and its local wallet partners served more than 1.2 billion users worldwide by June 2019, the company said in October.

Antonello Piancastelli, chairman of Yi Tsai, said that with the gradual opening of market access and investment channels, foreign financial institutions are taking up a more active role in China.

Apart from QR code payments, the UnionPay Mobile QuickPass was also popular among Chinese travelers during the Spring Festival holiday.

Another example of these differences is that the gap in employment participation rates between men and women is narrowing in developing and developed countries while it continues to widen in emerging countries.

Another Chinese delivery giant SF Holding Co Ltd is also accelerating its global expansion. It has announced a joint venture with logistics giant UPS to provide international delivery services from China to the United States, and eventually to global markets.