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Analysts say the interest rate reform will lower financing costs for small and private companies and encourage investment in the manufacturing sector.

And most significantly, that 9/year Amazon Fresh subscription might not be as onerous as it initially seemed.

And Cranfield University and Harbin Engineering University will explore potential synergies in the installation and operation of different off shore energy facilities, with the aim of lowering overall costs.

Analysts with Haitong Securities said in a research note on Thursday that pushing the financial sector to sacrifice profits is an inevitable choice for the government to help smaller business survive a difficult period given the limited room for further monetary easing.

Andresen said China's ambition to catch up with the world's best is encouraging but will require time and long-term commitment.