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Authorities should encourage innovation and praise outstanding individuals, but also tolerate mistakes and failure in reforms so officials feel free and bold in carrying them out.

"We are hoping that the related parties would seriously consider the concerns of China and be prudent with what they do," he said.

Budgetary work has been made more authoritative and consequential in all aspects.

Lavish Chinese shoppers spend big on high-end products during overseas trips, indicating that domestic enterprises could earn big if meet such demand.

M0, the amount of money in circulation, stood at 6.94 trillion yuan, a year-on-year drop of 4.8 percent. The central bank drained 310.5 billion yuan of cash from the market in February.