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He said that while China remains the world's manufacturing powerhouse, global businesses need to diversify their sourcing base. Chang said developing countries, such as Bangladesh, Cambodia, Myanmar and Kenya, may become the next manufacturing bases.

He said the special administrative region would not be "marginalized" in the region, nor would it be "assimilated" by the mainland cities in the process of integrating into the Guangdong-Hong Kong-Macao Greater Bay Area. On the contrary, Hong Kong would complement and co-develop with the mainland cities, with the "one country, two systems" fully and accurately implemented.

He said the economy has become more unsettled since the Fed cut rates for the first time in a decade but gave no indication of what the US central bank might do in September. Last month, it cut interest rates by a quarter point, to 2.00-2.25 percent. The move is intended to stimulate the economy by lowering borrowing costs.

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He said the report delivered by Xi Jinping, general secretary of the CPC Central Committee, at the congress on Wednesday recognized the challenges that China is going through and gives an idea of the direction that China wants to take.

He said the price rise was mainly fueled by psychological factors not the actual supply.

He was brought back to to Lanzhou on Friday.

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He said the alliance has 89 founding members, many of which are tourism associations, enterprises, think tanks and research institutes.

He said the Trump administration's restrictions on the easy flow of people between the US and China would be "the most disastrous decoupling of all".

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He served as the president of Dartmouth College from 2009 to 2012 before becoming the World Bank president. Before that, he worked at the World Health Organization.

He said, among European ski destinations, Switzerland seems to have been the most active in marketing itself to Chinese skiers.