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"China should keep deepening reforms and focus on transforming government functions to further bring out market vitality," Li said.

"Currently, retail investors are not fully engaged in REITs-like products. If these details are made clear in the near future, the REITs market in China could be significant," said Hu.

"China was going very fast, and the emphasis was on the rate of growth. In the new era, China will grow more slowly, but the emphasis would be on the quality of growth," Thornton said, adding that this is a good sign of economic maturity.

"China's quick victory" over the COVID-19 pandemic "put the Chinese economy in a better situation than the rest of the world," said William Jones, Washington bureau chief of the US publication Executive Intelligence Review, adding that by maintaining its productive capability, China will not only benefit its own economy once the pent-up demand is released post-pandemic, but also provide "a lifeline" for countries that have "maintained the production lines in China."

"China urges the US to respect the authority of the multilateral trading system and revoke the decision as soon as possible,"