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"Consumption now remains the main driver of economic growth," said Tang Jianwei, chief researcher at the Financial Research Center of the Bank of Communications. "Due to rising Sino-US trade disputes, we are facing many external uncertainties. Therefore, we need to focus on boosting domestic demand. Considering the current levels of per capita rural and urban incomes and the proportion of consumption to the total GDP, there is a lot of room for consumption growth."

"China via its new reform and opening-up measures appears ready to play its part to bring closure to the aggravated trade frictions and thereby stabilize market expectations.

"Cities that rank tops in sustainable development are all mature cities, and have developed for more than 100 years. We expect that Chinese cities can soon get to that point," said Marco Kamiya, coordinator of the urban economy and finance branch at UN-Habitat.

"China's economic restructuring may not have a major adverse effect on the supply and demand side of the economy," Zhang said.

"China will also be added to our watch list for possible inclusion in the FTSE's global bond indexes. The Chinese authorities have continued to introduce reforms designed to open their market to international investors and have transformed their economy into the second largest in the world," Mark Makepeace, CEO of FTSE Russell, said in the statement.