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There are high hopes for this year's summit, as it seeks a transformation from crisis response, which focused on short-term policies, to one of long-term governance, which shapes medium- to long-term policies.

"It is a breakthrough for the CPC to apply the accountability mechanism not only to Party committees and discipline inspection committees, but also to organization, publicity and united front work departments, which has showcased the CPC's determination of strictly governing itself," said Xie Chuntao, a professor with the CPC Central Committee Party School.

The latest emphasis on reform came nearly three years after the key Third Plenary Session of the 18th Central Committee of the Communist Party of China in 2013, which featured a comprehensive reform package that covered 15 areas and 60 tasks.

This muscle flexing, marked by strings being pulled from Washington where the fallacy of a fictional China threat has been trumpeted for years, is now bringing real, strategic threats to China's doorstep.

Li pointed out that the development of venture capital should be guided by market demand and a wider range of international practices should be implemented.