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"Efforts will be made to improve coordination and alignment between COVID-19 bonds and other fiscal funds, and more decision-making power will be given to local authorities over the use of funds," the budget reports said.

"Economic history clearly shows that trade wars not only hurt global growth, but they are also unwinnable," said Lagarde.

"Despite recent social unrest, the DNA of Hong Kong's economy remains unchanged, and Hong Kong, the largest overseas investor on the mainland, has kept and will always keep a close connection with business development on the mainland," said Jacky Chung, vice-chairman of the Shanghai branch of the Hong Kong Chamber of Commerce in China.

"Developing fintech can be a critical opportunity for Asian financial centers, given their higher demand for digital and mobile services," said Garcia Herrero, who is also an adjunct professor in the Department of Economics at Hong Kong University of Science and Technology.

"Every year, about a third of the land remains unplanted, and farmers don't have the technology or the networks to grow various crops and sell them to the right markets," he said.