Zhang Xiaohui, former assistant to the Chinese central bank governor and dean of the PBC School of Finance

China should pay attention to the changes in monetary policy in developing countries, which may result in short-term impacts on the domestic financial system.

"We should closely watch the inflation of global asset prices, and the related over-leverage, as well as financial instability," Zhang said, adding that to prepare for different inflation scenarios, especially to properly manage expectations. Overheated investment in some areas caused by rising structural inflation could be another risk, she said.