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"China Daily has been active in co-organizing such programs for a long time, bringing Chinese artists to Thailand in 2015 and Myanmar in 2018, respectively, (to promote art exchange between different countries)," said Yau.

"By putting the funds into special accounts designated by the central bank, the payment firms can no longer earn interest on the reserved funds. Meanwhile their bargaining power with banks will be greatly affected," he said.

"China has the global competitive edge in terms of labor-intensive products, while the US has the global advantage in terms of skill-intensive products and service industry," said Xu Hongcai, an economist with the China Center for International Economic Exchanges.

"By the end of August, Bond Connect has drawn in 1,244 institutional investors, with another 110 investors onboard during the month," the report said.

"China is on a rising path, and America welcomes the emergence of a strong and peaceful and prosperous China."