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"Competent departments must work jointly to enhance oversight and treat foreign and domestic businesses as equals," Li said.

"China's experience is that it has not copied any other country's development path and has not entirely followed European or US scholars' advice, especially their advice on financial sector, but that it has formed its own model of development, Cai said.

"Cutting fees is just as important as cutting taxes. But because there is a lot of flexibility with fees, some companies may work on finding loopholes to help them avoid paying. Yet by doing so they are also paying the cost of taking a risk," he said.

"Chinese capital is very mobile across the region, despite recent attempts to cap it. Investors will no doubt be drawn to where they might get better returns," Khatiwada added.

"Currently, China Mobile, the country's largest telecom operator, has as many 4G base stations as those of China Unicom and China Telecom combined. That could also be the case in terms of 5G base stations in the future," the research note added.