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Andrew Steer, president and CEO of the World Resources Institute, said China is a long way ahead of other countries in terms of the psychology and the belief system of sustainable development.

Andy Wang (left), CEO of StarTimes Kenya, exchange signed agreements with Dr Naim Bilal (right), the managing director of Kenya Broadcasting Corporation in Nairobi, Kenya, on Oct 19, 2019. [Edith Mutethya/China Daily]

And the lower living costs have given rise to higher fertility rates in these regions. The upshot, according to Morgan Stanley's estimates, is that smaller cities could account for 76 percent of overall urban population growth by 2030. That spells huge spending power in the long run.

Ancha forecast that China would remain a big buyer of Thai fruit for the rest of the year, accounting for about 40 percent of the country's fruit exports. Thailand is likely to produce large number of tropical fruits and will generate as much as 113 billion baht in export revenues this year, he said.

Analysts said the moves will effectively tame the new debt expansion. Measures which are "too aggressive" may stimulate unexpected risks including a break in the financing chain or bond defaults, so the debt reduction process should be "step-by-step".