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As an example, Nariyanuri cited India where, after the government withdrew 500-rupee (.60) and 1,000-rupee notes from circulation in November 2016, a temporary cash crunch pushed Indians to opt for cashless payment. And, he said, while physical cash did eventually return, cashless transactions nonetheless continued to surge in India.

As for business tax reform, the framework will reduce corporate tax rate to 20 percent from currently 35 percent. Pass-through businesses, such as sole proprietorships, partnerships and corporations will see their tax rate down to 25 percent.

As for DCE's iron ore futures market, since the suppliers and overseas customers cannot directly participate in it, the resulting prices cannot fully represent those of the global market, he added.

As an important manifestation of economic vitality, the old and new drivers of growth are shifting more rapidly. The added value of high-tech manufacturing increased by 12 percent in the first five months, and that of the equipment manufacturing industry increased by 9.3 percent, maintaining a fast growth momentum. The growth of modern services is equally impressive, with revenues from the strategic emerging services sector rising more than 18 percent through to April.

As a bonus, avid travelers often say, the best way to explore a city is on foot.