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But international brands still score better among customers in terms of comfort, prestige and technology, and it will be some time before Chinese brands are able to position themselves realistically as luxury alternatives.

But is this a sign of overconfidence from investors that the Fed will come to the rescue?

But Xu said the reform does not mean presidents and chief judges can ignore administrative affairs. "It's to push them to balance their work," he added.

But risks remain. Civil unrest, while less severe Tuesday night, may slow the reopening of many retail stores. Rioters looted Macy's flagship store on Herald Square in Manhattan and shops have been smashed across the country.

But adopting global protective measures was not the right choice, Wang said.