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"Compared with the two previous versions, the new plan focuses on drawing advanced experience to foster a favorable business environment aligned with the highest international standards and best practices," said Eddie Yan, Deloitte China Government & Public Services partner.

"Clearly the Belt and Road Initiative increases connectivity. With digitalization, you are connected with the world regardless of your geographical location, so you can develop your economy and society," Portas said on the sidelines of the three-day Shanghai Forum 2019, an annual gathering hosted by Fudan University and the Korea Foundation for Advanced Studies.

"China's expanded medical insurance coverage at each stage significantly boosted drug sales growth, with accelerated expansion following the introduction of government-sponsored medical insurance plans," she said.

"China will further digitize the registration and licensing of new companies, and gradually make the process paperless and fully intelligent. By the end of the year, the government will also optimize the process and issue a guide for enterprises to withdraw from the market more easily," Zhang said.

"Concerns about a possible policy shift are hurting the market," said Zhang Gang, a Shanghai-based strategist with Central China Securities Co. "Investors can hardly find any sectors where they can make money, so they feel a strong urge to leave the market," he was quoted by Reuters as saying.