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Another analyst suggested China gradually open or adjust the price of the country's refined oil products.

Apart from supporting small businesses, prevention of financial risks is another focus of the reform package, said Wang Tingting, an associate professor of finance at the Central University of Finance and Economics.

Another issue is that parents often don't know how to download material and don't understand the school work well enough to help their children.

Another positive factor is that with more electric vehicle startups tapping into the Chinese market, traditional manufacturers are facing fiercer competition and increasing their investment on product research and development. Global carmakers are also making efforts to promote the development of electrification.

Another area where Shanghai enjoys unique advantages is the establishment of pilot zones, Li noted, where AI-powered applications in manufacturing, finance, healthcare, autonomous driving and robots are encouraged to test the waters in the city.