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China's huge market potential in the IoT industry and its strong willingness and drive for innovation have attracted global firms to set up IoT labs in the country.

China's interbank bond market had attracted 1.15 trillion yuan (9.95 billion) in foreign investment by the end of April, a year-on-year increase of 49.34 percent, due to relatively higher bond yields and the stable exchange rate of the yuan, according to data from the central bank.

China's economy is rebalancing itself, adding dependence on domestic demand with consumption, innovation, and higher labor productivity. It is also reducing reliance on debts for growth and steadily improving its inherent dynamism, Liu said.

China's financial sector has been long dominated by the banking system, or "indirect financing system", compared with relatively weaker equity financing.

China's economy grew at a faster-than-expected 6.4 percent on an annualized basis in the first quarter, remaining at the top end of the government's projected growth range of 6 percent to 6.5 percent for the full year, official data show.