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"Going forward, while large-scale privatization or closure of SOEs is unlikely, there will be more consolidation of SOEs through mergers and acquisitions, disposal of non-core SOE assets, mixed ownership reform and increased employee incentives," Wang said.

"For the Chinese government, the guiding principle for negotiations is to develop and consolidate bilateral and international ties, to have mutually beneficial cooperation," said Wei.

"Foreign firms tend to have extensive international experience and they are strong in business areas such as principal securities trading (where the securities firms use their own capital for capital market investments to realize higher profits), capital and fixed-income, foreign exchange and commodities markets. Their presence will bring more competition and force local securities firms to accelerate development, which will help energize the Chinese market, and boost the regulator's goal to further open the financial industry," Zhang said.

"For countries nowadays, data is the crown of trade. Promoting the opening and flow of data is part of the capital's efforts to drive data for advanced productivity," said Tang Jianguo, vice-director of big data application and industries at the Beijing Bureau of Economy and Information Technology.

"Generally speaking, China's trade is huge in scale, but not competitive enough," Zhong said, adding that the ministry will encourage exports of high-tech, high-quality and high-value-added products.