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"China has reduced tariffs to levels it had promised before joining the WTO, and the decline exceeded the previous targets," said Wei, now vice-president of the Beijing-based China Center for International Economic Exchanges.

"China has shown demonstrable commitment and willingness in collaborating on COVID-19 related research, vaccine development, and medical equipment provision, encouraging openness and data sharing to help ensure diagnostics, vaccines and prevention measures are developed rapidly for the benefit of every nation," he said.

"But there is no need to be overly anxious about the risks as China has a deposit insurance plan. By taking measures such as appointing another bank to temporarily manage the bank amid a merger and acquisition process, regulatory authorities will help small and medium-sized banks make a smooth transition of liquidity," he said.

"China has advantages in the speed of AI development and its wide application, but its weak points are the depth of basic research and originality," Wan said.

"But there are fewer restrictions." It does seem fair that Crispr- Cas9, being largely a US-developed tool, should first be tried on humans in the US, but the hoops and red tape of the review process by the Food and Drug Administration (FDA) have delayed the most promising experiment - a team led by Dr Carl June at the University of Pennsylvania - for two years.