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"China's capital market will continue to open to the world in breadth and depth," said Fang.

"China today is roughly where South Korea, Japan were when they began the period of rapid economic growth," he said. "There should be a substantial potential for further convergence."

"China's strategy now is to shift to more intensive rather than extensive growth and that transition will deliver more prosperity, both in China and abroad," said Fredrik Erixon, director of the Brussels-based European Centre for International Political Economy.

"China's effective measures are very impressive, particularly, setting up a 1,000-bed hospital in just ten days does amaze the world," he said in an interview with Xinhua.

"Chinese regulators have allowed multiple securities, asset management, insurance, and other financial firms from the United States, Europe, and Japan to convert existing minority positions in joint ventures with Chinese partners to majority foreign-owned firms and have licensed a number of new wholly foreign-owned financial firms," Lardy noted in an analysis.