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Another case that began to erode public confidence in charitable organizations involved a woman called Guo Meimei who in 2011 posted photos of her extravagant lifestyle online and claimed to work for the Red Cross Society of China - the country's major provider of humanitarian assistance. Although she was later found to have nothing to do with the organization, an investigation exposed management flaws and a lack of transparency.

Apart from upgrading its industrial structure, Ningbo also needs to evolve as a city of higher strategical importance, said Xu.

Antonello Piancastelli, chairman of Yi Tsai, said that with the gradual opening of market access and investment channels, foreign financial institutions are taking up a more active role in China.

Apart from a series of reform measures already released, the CSRC is stepping up efforts to form an action plan to improve the quality of listed firms.

Announcing that JingChi's headquarters had been moved to the southern Chinese city from the United States, Wang Jing, company founder and CEO, said it is planning to deploy 500 to 1,000 self-driving cars in 2018, and build itself into a "world-class" leader in the sector.