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"Half of the Chinese population currently reside in cities and this will only increase in the coming years. It is imperative that China builds smart and sustainable cities that can better manage waste, water, energy, mobility and infrastructure," he said.

"Given the large scale of China's economy and foreign exchange reserves, it is unlikely for the country to be significantly hurt by risks associated with cross-border capital flows, but it is still necessary to push ahead reforms to better leverage the market's role in managing risks," Liu said.

"For example, it stipulates that people with special responsibilities, such as those guarding, adopting, looking after, educating or giving medical care to juveniles will be held criminally liable if they have sex with girls aged from 14 to 16, irrespective of whether it's consensual," he said.

"Foreign companies know that if they want to make money in China, they must follow Chinese laws and maintain good relations with Chinese customers," Zhu said.

"Granting more access to foreign financial institutions can be our next incremental step of further opening up," said Zhu Min, economist and former deputy managing director of the IMF. "We have pledged to treat foreign and domestic investors equally in certain areas, and now a good time has arrived to take concrete steps."