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As a leading country of technological innovation and application in the world, China has the capacity to lead the development of blockchain technology in terms of market scale, technology research and development and talent reserve.

As a front-runner in reform and opening-up, the city used to rely on processing trade mainly for Hong Kong. After enjoying a high economic growth rate of nearly 40 percent per year from the 1980s to the early 1990s, due to limited land resources and rising labor costs, the city gradually turned its focus to developing high value added industries such as information technology, biotechnology, new materials and high-end equipment manufacturing. Now it has become a magnet for technology startups and the headquarters of famous high-tech companies such as Huawei Technologies Co Ltd, Tencent Holdings Ltd and one of the world's largest drone makers, DJI.

As a bond in default is a special type of instrument with high return and high risk, it requires trading participants with professional skills of recognizing risks and higher risk tolerance, or the so-called qualified institutional investors, Li said.

As a bridge to connect the government with nonpublic enterprises, the federation will take innovative measures to better serve private businesses, protect entrepreneurs' rights and interests, and create a sound environment, he added.

As a contrast, "Henan FTZ will become the national transport and logistics hub to serve the country's Belt and Road Initiative," said Zhang Qiong, director of Henan provincial government's department of transport.