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"China may do nothing," he added. "We need to wait until something actually happens."

"China has seen robust development since its reform and opening up, but the country's manufacturing industry lags far behind many developed countries, particularly with its limited integration of industry and information technology," Wang said. "This has severely restricted China's manufacturing competence as well as its international competence in this regard."

"China is removing the cap on overseas ownership of joint ventures in the country. The progress has already been seen in the automobile sector. The telecoms industry is highly likely to be the next one to benefit from the change," Fu added.

"But now people choose to visit a restaurant to sample the dishes made by a certain chef, which is more in line with the modern dining experience. We chefs now have more of a chance to present our culinary skills and the concepts we have about food."

"China continues to transition to a more sustainable growth path and reforms have advanced across a wide domain," the executive board of IMF said in a statement after concluding Article IV consultation with Chinese authorities on the Chinese economy.