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"China's economy will need to rely increasingly on domestic demand to sustain rapid growth," it said in the May edition of the China Economic Update.

"China will continue to deepen supply-side structural reform of the financial sector to increase supply of long-term assets, mainly by supporting asset management companies of insurers to set up long-maturity products. The country will also make product innovations according to the financing needs of the real economy to enrich the long-term asset market and foster a transaction market for long-term asset investments," Yuan said.

"Compared with the last Great Recession caused by the 2008 global financial crisis, what makes the recession this time so 'grand' is not just in terms of how many jobs we're going to lose, but results from the fact that we're going to be led to a historical turning point in terms of geo-economics," he warned.

"China's financial and asset management markets are full of vitality and opportunity. As individual investors' demand for wealth management products keeps growing and regulatory authorities continue to introduce proactive and open policies, the markets will be provided even bigger boosts," Lin said.

"China's IP rights environment has changed a lot for the better in the last few years," noted Jive Lai, general manager and head of marketing for music services consultancy firm Outdustry.