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Another crucial step is to make a comprehensive transformation in risk management, especially by stepping up post-loan portfolio risk management, enhancing risk warning capability, accelerating bad assets disposal and helping corporate clients restructure, Qu said.

Another central government policy, giving Hong Kong and Macao people equal access to the mainland's housing fund, has also been implemented in Qianhai, Shenzhen, according to Witman Hung Wai-man, a Hong Kong deputy to the 13th National People's Congress.

Any attempts at "de-Sinicization" will never undo the historical and cultural links between the two sides, he added.

Another good harvest is expected for the autumn, according to the Ministry of Agriculture and Rural Affairs.

Apart from monetary easing, further tax cuts and policy to encourage consumption are also in the policy toolbox for the authorities to boost the economy, said Shen.