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"China, Japan and South Korea should speed up the negotiation pace of the free trade agreement and boost other investment activities. Developing combined transport by rail and sea, road passages and other infrastructure is practical to establish a flexible transportation network throughout the Northeast Asia region to improve and diversify regional economic growth," he said.

"Chinese regulators have allowed multiple securities, asset management, insurance, and other financial firms from the United States, Europe, and Japan to convert existing minority positions in joint ventures with Chinese partners to majority foreign-owned firms and have licensed a number of new wholly foreign-owned financial firms," Lardy noted in an analysis.

"China will integrate the national and local taxation offices at and below the provincial level to enable the taxation system to better play its supportive role in state governance," according to the plan.

"China's progress has greatly benefited the world because China has adhered to the coexistence principle," he said.

"Cooperation in emerging sectors is also starting, as Chinese financial institutions have set up over 10 branches in Africa, and eight African countries such as South Africa have included the renminbi in their foreign exchange reserves," Qian added.