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"Having reached upper-middle-income living standards, the 19th National Congress of the CPC rightly shifted the emphasis toward quality, and by quality, the leadership is emphasizing the need to make the growth process more socially and environmentally sustainable."

"Global GDP generated by digitization will reach trillion, accounting for 46 percent of the economic aggregate," said IDC China managing director Kitty Fok, predicting that digital transformation will enter 2.0 era in the next five years.

"For companies, evaluating ESG risk is a business imperative to meet diverse stakeholder needs and mitigate potential legal, operational or reputational risks," said Haywood Kelly, Morningstar's head of research.

"From what we have seen, it would be a feat if it would be a 5 percent drop," said Shi.

"For this opening-up to be meaningful, other deeper systemic and administrative reforms are also needed," he said.