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"Capital market development has become more important than ever," Li said, adding that the registration-based new share sale reform lies in at the core of capital market reforms, as it will give full play to market forces in supporting innovation.

"China is about three to four years ahead of developed economies including the United States and Europe in terms of intelligent projectors, giving us much confidence to develop abroad," he said.

"China has made significant progress in financial inclusion," said the IMF in a report, after it assessed the country's financial sector performance during the past five years. "High levels of account penetration, savings, and usage of payments services have been achieved."

"China has a culture and system that has worked well for it for a long time, so it shouldn't be expected to change much; the US has the same; these systems (and those of other countries) will be both competing and cooperating, and how well they do that will be an important influence on global conditions."

"China is already a leader in e-commerce in many ways, especially in online payment that enables consumers in big cities to pay with mobile phones. Everything from supermarket shopping to utilities and taxi fares can be paid via an e-wallet," he said.