"China will further open up some non-convertible items under the capital account, and those already convertible will see trading more liberalized," said Pan Gongsheng, deputy head of the People's Bank of China.

Two-way openness will be promoted in the financial market, with increasing product supplies such as China Depositary Receipts, Panda bonds and commodity futures, according to Pan, who also heads the State Administration of Foreign Exchange.

Rules on qualified institutional investors will be further improved and the scope of connectivity programs will be widened, Pan said, adding China would support domestic financial institutions to better engage in the international market.

Regulators will debate whether to allow Chinese institutions to enter offshore renminbi markets as well as whether to permit securities and futures firms to conduct cross-border businesses, he said.