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"China has entered a stage of stabilizing the leverage ratio and is gradually reducing it," Zhou said, noting that China is likely to reduce reliance on wide capital support for economic growth as the country seeks high-quality development.

"China is showing the way for the rest of the world, in terms of beauty sophistication, as well as e-commerce and the level of digital connectivity," he added.

"By launching these activities, we want to reduce barriers between people on both sides of the Straits and promote mutual understanding," he said.

"But the outlook will be more challenging this year as banks are asked to lend more to private enterprises and at lower rates," she said.

"China is well-placed to help lead that effort," Sachs said. "China's advances in green and digital technologies are beneficial not only for China but for the whole world, such as the deep reductions in the costs of renewable energy and 5G," he said.