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Analysts said banks urgently need to respond to the multiple challenges by transforming their business models and improving risk management capability.

And the battle is spilling beyond China's borders. Through acquisitions and partnerships with local payment networks and e-commerce vendors, both stand to offer cashless payment in 200 countries and regions.

An opinion essay published in Politico listed five factors behind the US testing crisis.

Analysts say SpaceX and European aerospace manufacturer Arianespace have effectively created a duopoly in the satellite-related space business. But that might change sooner or later as Chinese companies are expected to pose a challenge.

And he believes the aerospace giant should work with the world' s most populous nation to define the future.