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"China will continue to deepen digital financial inclusion, which will restructure traditional financial models and become a direction of business transition for financial institutions. Digital financial inclusion will bring changes to financial concepts and the organizational structure of financial institutions, restructure their business procedures, and improve their data integration capability and technical skills," said Zeng in delivering a report at the second China financial inclusion innovation and development summit recently held by People's Daily.

"China's opening-up policy will not change, its adherence to the concept of peaceful development and win-win cooperation will not change and the country's efforts to promote a community with a shared future for mankind will not change," he added.

"China's decision to put products like wine in the first group of commodities subject to tariffs, leaving other commodities like pork in a second group, is an interesting strategy," said Larry Karp, professor of agricultural and resource economics at the University of California, Berkeley.

"Considering the fact that government expenditures on social security accounts are more than 20 percent in some countries, such as the United States and Germany, China still has potential to invest more," he said.

"Compared with traditional punishments which had limited influence and were hard to execute completely, the new approach is a more powerful deterrent," Liu said, adding that the move also contributes to building the broad social credit system.