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China's economic growth would slow down to 4 percent to 5 percent by the end of 2021 and the appreciation of RMB would level off, the note added.

China's economy ended on a strong footing in 2017 with a better-than-expected growth rate of 6.9 percent. Official data showed an improved economic structure, with new growth drivers emerging and outdated capacity decreasing.

China's further opening-up is embodied by the lowered threshold for market access, which should be boosted with trade facilitation, Bai said. Reducing import tariffs is a vital means to improve trade liberalization and can help China buy high-quality products in the global context while promoting the industrial upgrade of its own economy, he said.

China's first high-speed rail with an undersea segment connecting Zhoushan Islands in East China's Zhejiang province with the mainland began rolling with the launch of a full-scale survey and design, Xinhua News Agency reported on Tuesday.

China's medical expenditure has increased rapidly over the past few years. Total medical costs of public hospitals, which are the primary healthcare providers, should not have increased by more than 10 percent last year, according to a target set by the State Council Medical Reform Office.