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Analysts said China may face more growth headwinds in the second half of the year and the authorities will finetune policies to stabilize growth if the situation unexpectedly sours.

Andrew Karolyi, a professor of finance at Cornell University, said investors will welcome the action largely because it appears to be tied to an impending agreement set to normalize trade relations with China."These steps individually and together help to reduce global trade policy uncertainty, something markets have been craving for months," Karolyi told China Daily."It is more than just symbolic, as lower trade policy uncertainty likely means more trade flows and greater cross-border portfolio and corporate investment flows, all of which stimulates more economic growth," he said.

Analysts said China is now transforming from the phase of rapid development to a new stage of high-quality development and shifting its focus to nurturing technological innovation and further opening up its economy.

Andrew Dewey, CEO of Organiponic, said that China has only about 7 percent of the arable land in the world yet needs to feed 20 percent of the world's population. That's a big challenge he thinks his company's home agriculture system can help solve.

Andrew Kagwa Gathaara, chief editor of the Standard, Kenya