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"Clarifying the different frequency bands for the big three telecom carriers will enable telecom operators and equipment manufacturers to determine product development goals and greatly accelerate the process of product development in all aspects of the value chain. This is of great significance to the industry," Yang said.

"Credit-based regulation is crucial for the sound working of market institutions," Li said.

"China will develop a stronger multi-layered capital market, which includes large stock exchanges, regional equity markets, private funds and venture capital funds, to better support the development of innovative enterprises," he said while highlighting the importance of daring innovation in the banking, insurance and securities sectors.

"China's reforms have come to a stage where the leftovers are the 'hardest bones,'" said Wang.

"Consumers can initiate a lawsuit against the two defendants if they want to get the compensation," he said. "The lawsuit procedures will be easier for individual consumers, because the facts of the case have been clear in the public-interest litigation."