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Cheng Shi, chief economist at ICBC International, said this year's ascension of tax cuts as the major fiscal policy tool will help the policy function more efficiently by leveraging market mechanisms.

Chen said the booming home cinemas and rapidly-developing online streaming services are also part of the reason for the changes.

Chen Geng, chairman of Fashion Flying Group, an outdoor garment maker based in Fuzhou, Fujian province, said orders dropped by 50 percent in the first half of the year but Europe, its main market, was now on the road of recovery.

Chen Zongrong, former deputy head of the administration, added at the same conference that the two sides have smooth and effective communication channels, through which issues can be discussed.

Chen Wenhui was removed from the post of vice chairman of China Banking and Insurance Regulatory Commission, and Huang Wei and Zhang Shenfeng no longer serve as assistant chairpersons of China Securities Regulatory Commission.