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China's central bank will start to hike the rates on its lending facilities in 2021 and modest policy rate hikes would largely just be formalizing a shift in monetary conditions which has already happened, said the note.

China's Vice-Minister of Commerce Yu Jianhua said aside from those documents, there were many deals in which agreements were reached separately involving complex, big-ticket contracts such as chemical and energy import deals that have taken months or years of negotiations to complete.

China will introduce a number of reform measures to create a better environment for innovation and development in the future, according to a decision made at a State Council executive meeting last month.

China's .2 billion deficit in cross-border goods and services trading during the first quarter has also pressured the authorities, to some extent, to explore more ways to maintain balanced international payments, said experts. It was the first quarterly deficit in 17 years.

China will open its doors wider to foreign investors and further liberalize and facilitate trade and investment, said Premier Li Keqiang, when delivering a government work report at the ongoing first session of the 13th National People's Congress (NPC).