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China's digitalization development has also had an impact internationally.

China's economic output in the fourth quarter of 2020 is on track to be higher than Capital Economics' forecast a year ago and the economic output would remain above trend for much of 2021, according to the note.

China's efforts will be undermined if other countries do not coordinate, Geng emphasized.

China's major economic data continually moderated in August, mainly because of the increasing external headwinds, and more countermeasures are urged to offset the impact and stabilize growth, according to economists.

China's financial regulator said the country will keep crossborder capital fluctuations under control, during the process of opening the financial sector further, to limit risk of exposure to speculative money from outside.