Tokyo officials say the estimate covers a 17-year period from 2013, when Tokyo won the hosting rights, to 2030, 10 years after the Games.

The estimated figures show that direct investments and visitor spending in the Games will generate about 30 billion dollars in economic benefits for Tokyo, and 16 billion dollars for the rest of the country.

Benefits from indirect investments and expenditures are estimated at nearly 150 billion dollars for Tokyo, and about 88 billion dollars for the rest of the nation.

Tokyo officials say they want to cooperate closely with other municipalities to ensure that the benefits will be felt across the country.

The fresh round of funding from Alibaba's Singapore arm for Paytm's e-commerce venture will not only help Alibaba better take on global giant Amazon in India, it may also create opportunities for other players to raise money, experts say.

Paytm has yet to comment on the investment.

Paytm E-Commerce, which recently launched Paytm Mall -- similar to Alibaba's Tmall online marketplace -- has been spun off from parent One97 Communications. One97 Communications runs mobile wallet operations under the Paytm brand.

Paytm Mall claims to offer customers a choice of 68 million products from some 140,000 sellers. It has partnered with various third-party warehouse providers and makes deliveries via 17 logistics centers and 40 courier companies.

According to various media reports, the combined stakes of Alibaba and affiliate Ant Financial in Paytm E-Commerce will now increase to 62% from 40%. The Economic Times reported that One97 Communications was valued at $4.8 billion in 2016, when it raised $60 million from Taiwanese chip designer Mediatek. Ant Financial owns a 32% stake in One97 Communications, while Alibaba holds around 8%.

Other investors in One97 Communications include U.S. venture capital company Sapphire Ventures and Silicon Valley Bank.

This is another big boost for One97 Communications, whose mobile wallet business surged after India's demonetization move took high-denomination currency notes out of circulation. Some experts say Alibaba's latest investment could help Paytm expand its e-commerce business beyond India.

Paytm is still small compared with Amazon and Flipkart, which together control 80% of India's e-commerce market. Amazon India has deep pockets thanks to its parent company, and Flipkart is reportedly looking to take in a billion dollars in fresh funding.

Snapdeal, another big Indian e-commerce player, recently had to lay off employees to remain profitable. Alibaba holds a roughly 5% stake in the company.

In addition, the law aims to increase economic efficiency and to ease access to new financial resources. Prior to the enactment of this Movables Pledge Law, the Mongolian Civil Code was the main reference point and a principal governing law for transactions involving the pledge of movable and intangible property.

Due to the lack of detailed guidance and regulation regarding the pledging of movable and tangible properties, the most common pledge security became immovable property; thus, shutting out a vast whole array of properties from the economy.

Now, under the Movables Pledge Law any movable and intangible property can be pledged as long as the property can be validly used in civil transactions, is physically present or is not yet readily available; such properties include all types of shares and securities, receivables, intellectual property rights, and other intangible properties.

According to FT, China’s GDP surpassed the EU’s in 2011 at market exchange rates, but its banking system did not take over the top spot until the end of last year.

That lag was fuelled by an extraordinary increase in bank lending since 2008 when the Chinese government unleashed aggressive monetary and fiscal stimulus to soften the impact of the global crisis.

“The massive size of China’s banking system is less a cause for celebration than a sign of an economy overly dependent on bank-financed investment, beset by inefficient resource allocation, and subject to enormous credit risks,” said Eswar Prasad, an economist at Cornell University and former head of the China division at the IMF.

Statistics show Chinese bank assets hit $33 trillion at the end of 2016, versus $31 trillion for the eurozone. US assets stood at $16 trillion and the Japanese at $7 trillion.

The value of China’s banking system is more than 3.1 times the size of the country’s annual economic output, compared with 2.8 times for the eurozone and its banks, the FT analyzed.

Economists say Beijing’s increased stimulus has led to significant wasteful investment, industrial overcapacity, and dangerous debt levels. Unlike in developed markets, Chinese local government has relied heavily on bank loans to finance infrastructure.

“There’s a lot of hidden sovereign credit within the corporate loans on bank balance sheets, which can distort the picture when you do a cross-country comparison,” said Hou Wei, China banks analyst at Sanford C Bernstein in Hong Kong. “In most other markets, governments just borrow directly from capital markets. In China, it’s a unique situation,” he added.

While the world’s three largest banks are Chinese, experts say the true scale of Chinese banks is understated. Shadow banking has exploded in the country over the past seven years.

The authorities have announced a crackdown on underground banking, boosting efforts to curb capital outflow and fight corruption. Recently they signaled an intention to shift policy focus away from stimulus towards risk control.

Economists say more developed capital markets could help diversify China’s financial system away from banks but a more diversified financial system will reduce Beijing’s ability to manage money flows.

“The Chinese government’s ambivalent approach to financial markets — seeing them as a useful resource allocation mechanism but unwilling to let them operate freely, with the ostensible aim of maintaining stability and control — has often added to market volatility and made them less efficient,” said Prasad.