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China's central authorities have been stepping up efforts to deepen SOE reform. In one example, the mixed ownership system was introduced to enable the companies to shore up their earnings. The reform covers key industries such as electricity, oil and gas, railway, civil aviation and the military-industrial sectors.

China will need more energy to power its growing economy as US supplies of LNG has kept rising thanks to the technology of hydraulic fracturing, adding to the global LNG market, Shatz analyzed. "LNG will also lead to much lower pollution than coal."

China will likely import more high-quality agricultural and industrial products, cutting-edge technologies, and luxury goods from these regions, said Wei Jianguo.

China's CPI may register a mild rise of 2.1 percent this year, up from 1.6 percent in 2017, said a research note from securities firm Nomura. "We expect CPI inflation to moderate over the next couple of months as vegetable prices normalize. We do not expect contained inflation to affect Beijing's policy agenda to stimulate domestic demand and investment."

China will improve the revision work of the central bank law in 2020, and strengthen legislative work in key areas such as taming illegal financial activities, said Wang Jingwu, head of the Financial Stability Bureau at the People's Bank of China, the central bank, in an interview.