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As to the exploration of the first type of potential, China needs to make efforts to catch up with developed countries. The country could, however, keep pace with these major economies and even lead the world in tapping the second type of potential, he noted.

As the index shows, Shanghai has further narrowed its gap with the other three leading financial centers－New York, London and Tokyo. Shanghai scored higher this year in professional services capability, governmental supervision, fintech, banking and investment management capacities.

As the global economy is at a "delicate moment" with a "precarious" rebound in growth expected later this year, countries need to work together to reduce barriers and promote integration in trade, the head of the International Monetary Fund said on Tuesday.

As some countries continue to grapple with the novel coronavirus and with fears of a second wave, Mitter believes a variety of economic factors, ranging from travel to supply chains, will have to be managed more carefully.

As the e-book market continues to grow, it will be interesting to see which companies take advantage. Amazon and Apple seem to be the frontrunners, with Barnes and Noble hanging around with its Nook business, one that Microsoft was rumored to be acquiring.