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"Chinese regulators have allowed multiple securities, asset management, insurance, and other financial firms from the United States, Europe, and Japan to convert existing minority positions in joint ventures with Chinese partners to majority foreign-owned firms and have licensed a number of new wholly foreign-owned financial firms," Lardy noted in an analysis.

"China's policy to open up its financial sector remains unchanged," Guo said, noting that more foreign financial institutions have settled in China even during the epidemic.

"Chinese desserts need to become healthier and easier to preserve," he said. "Food companies need to make better use of their cultural heritage; they also need to improve their packaging design."

"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.

"China's income growth remains at the same level of mid-income countries and it still has a lot of potential to develop," he told another forum held by the Institute of Economics of the CASS on Friday.