As part of Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era, China has stressed at multiple top-level meetings that it will continue to expand opening-up. The Central Economic Work Conference, for instance, has pledged further opening-up at the institutional level, fairer treatment for foreign companies and steps to attract more multinationals.

Ibrahim Chowdhury, the World Bank's acting lead economist for China, said maintaining an outward orientation and continuing the process of opening-up will serve as key drivers of the nation's high-quality growth transition.

China has made a lot of progress in opening up the economy and it is sensible to further open up such services sectors as professional services and IT-enabled services, which will help spur innovation, boost employment and lift economic growth, Chowdhury said.