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American will cut its management and administrative staff by 30 percent. The reduction amounts to more than 5,000 of American's roughly 17,000 management and support workers.

Among them, Wing Lung Bank increased the rate to 4.5 percent, the highest-ever level for one-to 24-month deposits of up to 100,000 yuan (,690).

Among the attendees were Gao Peiyong, vice-president of the Chinese Academy of Social Sciences, and Lei Jun, founder and CEO of Xiaomi Corp.

Amid the talk of Hong Kong's edge as a digital data exchange center along the Belt and Road route, the Asian financial hub should do more to stand at the forefront of the revolution, Chan added.

Amitav Acharya, a notable Indian-born Canadian scholar on international relations, told Xinhua that Thucydides' trap "can become a self-fulfilling prophecy", adding that "it's dangerous because you start thinking that somehow this part of the concept has some analytical value."