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"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 economic volume is very large and it is now aimed at higher quality growth. We believe that the share of the Chinese mainland stock market in the global market will gradually increase," she added.

"Creative transformation is the way to include traditional Chinese culture into future civilization of mankind."

"China's credit rating market is in the very early stages of development, and it lacks a mature credit system and a proper risk pricing mechanism," Kong said.

"Current indicators suggest China is especially suited for widespread adoption of autonomous vehicles," said Ting Wu, partner in McKinsey's Shanghai office and co-author of the report.