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The new legislation is seen as timely, too, as the increasingly affluent Chinese wish to make contribution to society even as scandals have eroded public trust in the charity sector in recent years.

Policy in the next few months will tilt toward expanded fiscal stimulus and the central bank will guide market rates lower without cutting benchmark rates, said Orlik.

"The Chinese government still has enough innovative policy tools to battle the downward pressure," Huang said. "With enough weapons and bullets, we can fire whenever we need."

The World Bank last month cut its global growth forecast for 2016 to 2.9 percent, 0.4 percentage points lower than its forecast in June 2015.

"The curtains of history have been lifted and the arduous tasks have been bestowed on our shoulders," Yu told more than 2,000 fellow advisors.