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"China's determination to expand opening-up and the ongoing reform measures have made its financial market increasingly appealing to overseas investors," the administration said on Monday in a statement on its website.

"China will further digitize the registration and licensing of new companies, and gradually make the process paperless and fully intelligent. By the end of the year, the government will also optimize the process and issue a guide for enterprises to withdraw from the market more easily," Zhang said.

"Considering that the regulator has significantly shortened the process of granting preparatory approvals to Bank of China Ltd and China Construction Bank Corp, and that many banks - especially large ones - have almost completed the preparatory work in terms of organizational frameworks, operating systems and staffing, the first batch of wealth management subsidiaries are expected to be formally established around the middle of this year," said Yang Yu, an analyst at the Shanghai-headquartered Hwabao Securities Co Ltd, in a research note.

"Chinese consumers have been really receptive to the product and its proposition. The reuse rate is extremely high. We see a robust market there owing to Chinese mothers' preference for safer and more premium baby formulas, the consumption upgrade and the universal second-child policy, that have helped to adopt and grow this new category and lead a new trend," he said.

"Compared to the Western consumers, Chinese people have shown a higher acceptance of new products and technologies. It is for sure that high-end and technology-enabled kitchen products will promise sustained growth in China. It is one of the major reasons that we will make high-end tailor-made products as the main product line here in the future," said Maeck.