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"Compared with paper notes and coins, the digital currency can cut issuing costs, such as expenses on printing, transportation and management," said Dong Ximiao, a researcher at National Institution for Finance and Development.

"Collaboration is of mutual benefit to our company and the academic world," Gao said. "We offer business insight and data, while the schools provide cutting-edge research and expertise.

"Couldn't be happier," Hoskins said.

"Cross-border trade has become a vital growth engine for the city's economy," Wu said. "The city has seen an increase in import and export activity, and bilateral investment since last year."

"China's reform and opening-up started with the coastal area. East China got into international trade and resources allocation earlier than the other regions, and thus had the first mover advantage to attract foreign investment and develop industrial chains," said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation.