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"China will further open up some non-convertible items under the capital account, and those already convertible will see tradings more liberalized," said Pan Gongsheng, deputy head of the People's Bank of China, at a forum in Shanghai.

"China's economy is in the midst of an impressive recovery" from the global health crisis, with third-quarter GDP growth coming in at nearly 5 percent, the Fortune article said.

"Cooperation in emerging sectors is also starting, as Chinese financial institutions have set up over 10 branches in Africa, and eight African countries such as South Africa have included the renminbi in their foreign exchange reserves," Qian added.

"Currently, many local governments have good practices for reducing the operating expenses of SMEs, such as deferred payment of social security funds and lower costs for SMEs renting State-owned properties," Huang said.

"China's fashion industry is finding its path at its own pace," she said, adding that "Chinese style" had long been interpreted as patterns and elements from historical archives or Oriental stereotypes.