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"But we believe the Chinese government still has room for policy adjustments to mitigate risks, and we expect more reform efforts to transition the economy toward a more sustainable growth path."

"But the pilot program is relatively limited right now, involving a small group of people. The trials' expansion may take more time; it would be a gradual process," said Li, who is head of the blockchain research group of the National Internet Finance Association of China, in an exclusive interview with China Daily on Monday.

"China and the Philippines are two friendly neighbors since ancient times, which should not be affected by a single issue over territory in the (South China Sea) … I believe both (countries') leaders have the wisdom to solve it in a peaceful way."

"China has been fortunate that it has been able to maintain phenomenal growth in its economy so that over a period of years every sector has seen significant benefits," he said.

"But the local regulations are not comprehensive and have unclear penalties," he said. "Some owners who don't abide by the regulations, such as having dogs unleashed, have received no warnings or punishments at all.