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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 fiscal framework has made significant strides over the last decade, through more comprehensive budget reporting and the development of more transparent municipal financing channels. Fiscal reforms are nevertheless far from complete, said Fennell.

China's investment in manufacturing grew 8.7 percent year-on-year in the first three quarters of 2018, signaling that corporate expectations for the future of the economy are improving despite mounting global trade uncertainties, the country's top industry regulator said on Tuesday.

China's over-supplied steel sector has experienced years of plunging prices and factory shutdowns due to a sluggish economy. However, with an upward trend in prices since the start of 2016, many steel mills are resuming production.

China's e-commerce giant Alibaba said on Monday that Singles Day sales on its online shopping platforms this year reached a record 213.5 billion yuan (.7 billion), which represented an increase of about 27 percent from 2017.