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China has put deleveraging of SOEs high on its agenda, according to a key national financial work conference earlier this month.

China has stepped up scrutiny of its foreign exchange market after the market experienced some big shocks, Pan said, noting that the regulator has adopted a macro prudential approach on external debts and required banks to put aside risk reserve in forward settlement of foreign exchange.

China is loosening its financial market regulations for foreign investors. This week, Goldman Sachs said it was in the process of acquiring 100 percent ownership of its China joint venture, which would make it the first Wall Street bank with full control of a mainland securities firm, Fortune reported.

China is also trying to mend a broken global governance system by championing the establishment of the Asia Infrastructure Investment Bank so that funding gaps left by the post-war institutional arrangements, including the International Monetary Fund and the World Bank, can be covered.

China has seen a slower increase in students studying abroad but faster growth in students returning after obtaining overseas degrees last year, according to the latest figures released by the Ministry of Education on Monday.