"The US Fed's QE tapering and monetary policy normalization are on the basis of US economic recovery prospects. If the United States can stage a solid economic recovery, it can translate into an improving export outlook for China," he added.

China should transform the pressure of US monetary policy normalization into impetus for facilitating domestic reforms and opening- up as well as building an open and new economic structure, he stressed.

As investors are waiting for a possible monetary easing decision by the European Central Bank (ECB), Guan held that to some extent a potential ECB's QE can help cushion the tightening impact for the market exerted by the Fed's QE tapering.

"But a possible QE from the ECB is only one of those important external factors affecting China's cross-border capital flows and RMB exchange rates, and it should be taken into consideration with other factors to make an overall judgement and a contingency plan, " Guan added.