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China's financial opening up can be seen as part of the country's efforts to honor its commitments to the World Trade Organization, as well as a move that enables it to integrate with global markets, Lin said, adding that the pace was quicker than expected and the progress was "universally recognized."

China's demand for steel has peaked and the coming 14th Five-Year Plan period (2021-25) will witness a decrease in steel consumption in the construction industry, while demand in the manufacturing sector is expected to remain at the same level, according to a senior official.

China's development has come as a result of China's hard work, not "intellectual property theft."

China's economic growth would slow down to 4 percent to 5 percent by the end of 2021 and the appreciation of RMB would level off, the note added.

China's financial regulators have been trying to stave off a potential credit crunch since last summer.