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"Government departments should enact more effective policies and offer greater support in light of progress in actual implementation," Li added.

"For professional agencies dealing with non-performing assets, the market access could be lower. And we suggested to open the market to foreign institutions to join the trading in bonds in default."

"Guangzhou is at the right timing to develop IAB," said Wang Xiaodong, co-founder of BeiGene and a foreign academician of the China Academy of Sciences.

"Given its resonance with an international market, specifically in China, I think associating Chinese brands such as Wang Mao with the British Fashion Council and particularly London Fashion Week is a really good message for the audience back in China."

"For the past four years, China's domestic consumption has become a leading force driving economic growth thanks to government efforts to restructure the economy," Bali said.