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"China is no longer copying the US. Now the reverse is true. Facebook has copied WeChat in private group messaging and followed 15-second video app TikTok. Amazon has imitated Alibaba in online retailing. Lime has followed China's original Mobike and Ofo brands in bike-sharing," said the report.

"China has very, very impressive infrastructure - high-speed rail that would be an asset to the United States. But what they have succeeded in doing is going from very, very human capital poor to one of the better educated emerging economies," he said.

"China has become a crucial force of opening-up in global development," Zhou said, adding that the country has furthered opening-up in a broad-minded way when protectionism and unilateralism are on the rise around the world.

"By improving judicial efficiency, companies heavily in debt can be cleared from the market as quickly as possible, and those that still have value in the market can be rebuilt more quickly," Liu said.

"But the threat from vehicle exhaust deserves more attention because it will contribute more to the air pollution in Beijing in the future," he said, adding that emissions from coal consumption and industrial production have been cut significantly in recent years.