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"GIFT IFSC provides a huge competitive advantage in terms of tax structure and supportive regulatory framework, which is comparable with other global financial centers," he said, adding that other advantages include the waiver of taxes such as the security transaction, commodity transaction, dividend distribution and capital gains taxes, as well as the goods and services tax.

"Given China's record of successful reforms in the past decades, and the authorities' strong commitment and determination, we are confident that China will rebalance to a sustainable growth model," he said upon concluding a visit to China last month.

"From the monitoring records, the efforts against air pollution work, especially those in the first eight months, have made me confident about further improvement," said Li, who has worked at the Beijing Environmental Monitoring Center for 18 years.

"Global growth is sluggish and precarious, but it does not have to be this way, because some of this is self-inflicted," said IMF chief economist Gita Gopinath.

"Foreign institutions' willingness to operate in China should be much stronger after the removal of ownership caps, which used to be the major factor contributing to their lagging development in China," said Zhang Deli, chief macroeconomic researcher at Yuekai Securities in Guangdong province.