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Around 250 kinds of terminals have been admitted to the 5G network, including 218 types of mobile phones. The 5G phone price has dropped to as low as 1,500 yuan (8) and can decrease even more, Liu said.

As China finally introduced the policy of reform and opening-up and abolished the coupon system, more Chinese had the financial leeway to buy goods as they wished on the back of an increasingly open market. Since the 1990s, cash has dominated the payment scene for a substantial span of time.

As Papua New Guinea began hosting the weeklong 2018 Asia-Pacific Economic Cooperation meeting on Monday, locals engaged in joint activities with Chinese attendees as a show of hospitality.

Around that time, the company revamped its pricing plan and is now seeing “a lot more paying customers,” Duffy said. Pulumi is still burning cash, like almost all startups of its age, but Duffy did not appear to be in a hurry to secure a Series B round: “Right now, we’re happy with the amount that we’ve got and the current burn rate, and we feel like we’re investing in growth in all the right ways.”

As China's LNG contract volumes grow at a slower pace than its demand projections over the next five years and more than a quarter of its estimated 2023 demand is still uncontracted, spot requirements will likely increase, he said.