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Apart from introducing more foreign financial institutions with special features and a high level of professionalism to conduct business in China, the CBIRC will also encourage foreign and domestic institutions to deepen their cooperation in products, business, management and talent cultivation, and improve financial regulatory and governance capacity while the country further opens up its financial sector.

Another key water conservancy project, the Three Gorges Dam in Yichang, Hubei, has generated more than 1 trillion kWh of clean electricity since being launched in 1993, Wang said.

Another important driver of the recent rally is the low risk-free interest rate. The yield on China's two-year or five-year treasury bond has been lingering between 2.2 percent and 2.7 percent, while the 10-year treasury bond yield is around 3 percent.

Apart from business innovations, banks are also innovating their mindset and solutions for risk management in free trade zones.

Another producer Jiangsu Wuzhong Pharmaceutical Group Corporation said the drug was approved by the China Food and Drug Administration (CFDA) and its efficacy had been confirmed in clinical studies.