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As per the documents, the fin-tech heavyweight's revenue reached 72.53 billion yuan in the first half of this year, and the revenue in first three quarters is estimated to hit 114.5 to 117.5 billion yuan, increasing 38 to 42 percent from the same period in 2019.

As it faces new competition from the likes of Microsoft, Oracle and others, Amazon.com has continued to chop prices on its cloud offerings. This is one area where the tech giant has a great deal of experience, operating comfortably with the razor thin margins of retail.

As institutional reforms continue to deepen, the FTZs will make further contributions to the country's pursuit of higher-level opening-up, noted Tang.

As of June last year, some 547,900 people age 65 and older were living in the country, accounting for 9.7 percent of the population, according to the Singapore Department of Statistics. It is estimated that the number will almost double to around 900,000 by 2030, meaning about a quarter of the population will potentially be in need of care.

As part of the visit, the Azerbaijani delegation also visited the Imperial Palace and Palace Museum in Beijing.