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"Chinese tax system reform will continue to deepen this year, with more aggressive tax cut plans. But the key is to balance relationships between fiscal income and expenditure, as well as between the central and local governments," said Deng Liping, a professor from the school of economics at Xiamen University.

"Compared with the previous two years, at least 3,000 to 4,000 new games had been blocked from the market in 2018," said Liu Wei, an analyst from market research company iResearch. "The demographic dividends are wearing off, which is another factor driving the slowing growth."

"China's current foreign debt ratio is much lower than the international level," the ministry said.

"Cross-border trade has become a vital growth engine for the city's economy," Wu said. "The city has seen an increase in import and export activity, and bilateral investment since last year."

"China will continue with the two-way opening of its financial market. For example, there is still big room to allow more overseas financial institutions to sell onshore yuan-denominated bonds. It will help promote greater two-way flow of capital and help lift the profile of the Chinese currency in the global markets," said Xu Hongcai, deputy director of the economic policy committee of the China Association of Policy Sciences.