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"China must identify and seize new opportunities to transform traditional industries, foster new sectors and step up the building of a modernized economy," Liu said.

"China has a high savings rate. It used to be a huge advantage, but we'll lose that advantage if borrowing grows faster than savings," he added.

"China is no longer betting on exports to drive up the economy, cultivating new growth points via technology upgrades, high-end foreign machinery imports, stimulus measures to boost domestic consumption and adequate investments in fast-growing sectors in global destinations－they have all become indispensable parts for the country to boost its economy," said Feng Yaoxiang, a spokesman for the China Council for the Promotion of International Trade in Beijing.

"But more significant steps are needed if policymakers want to stabilize growth," he added.

"China has been spectacularly successful at developing rapid train systems, and to link up northern cities－especially between Hull and Liverpool, as well as Leeds and Manchester－is particularly crucial," he said. "And China has massive experience to share.