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"China's recovery is encouraging, but it is far from being a 'mission accomplished'," said Shaun Roache, chief economist for Asia-Pacific at S&P Global Ratings. "Stimulus-driven demand has not yet handed over to private consumption as the driver of growth and, until it does, China's recovery will remain unbalanced and vulnerable to shocks."

"China will not stop its effort to pursue higher-quality opening-up. China will not stop its effort to pursue an open world economy," Xi said at the China International Import Expo last month, the world's first national-level expo devoted to imports.

"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.

"China's experience with greening the manufacturing sector can also be exported, in particular the phasing out of hydrochlorofluorocarbons, commonly known as HCFC, in the refrigeration and air conditioning industries," he said.

"Chinese companies have been actively involved in the development of these new requirements, and they will be among the players driving implementation of these new technologies," Zhao said.