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"China's determination to further open itself to outside investment shows that China will be an open economy and has more confidence in international markets," he said.

"China's 15 hottest property markets, mostly first and second-tier cities, remained stable in June as a city-based property policy continued to take effect," the NBS said in a statement accompanying the data.

"Credit-based regulation is crucial for the sound working of market institutions," Li said.

"China's concerted regulatory tightening on multiple fronts could force a decline in shadow banking activity and weigh on the country's overall credit expansion in 2018," said Liao Qiang, an analyst with the rating agency.

"China's economy will be transformed from old to new by involving innovation and supporting policies, by how structural transformation can be promoted in more places, how new technologies, industries and formats can be continuously conducted and changed in various sectors," said Zhang Yansheng, secretary-general of the academic committee of the National Development and Reform Commission.