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"Chinese equity markets will become a more attractive option for international investors as they have a lower-than-average allocation on China. Their holding of China's equities, compared with their overall portfolio, is far less than the share of China's economy in the world," said Chen Jiahe, chief investment officer at Novem Arcae Technologies, a wealth management firm in Beijing.

"Considering that the average basic consumption expenditure for residents in Chinese cities and towns is about 4,200 yuan a month per person in 2018, we set the minimum threshold of personal income tax at 5,000 yuan. It not only covers the expenditures but also leaves room for further increases in consumption," Vice-Finance Minister Cheng Lihua said at a news conference on Friday.

"Chinese police should enhance cooperation with the telecom operators and finance sectors to block the channels at the source," said Li Wei, a lawyer from Beijing Lawyers Association.

"China's concerted regulatory tightening on multiple fronts could force a decline in shadow banking activity and weigh on the country's overall credit expansion in 2018," said Liao Qiang, an analyst with the rating agency.

"China's ivory trade ban will be as effective as its law enforcement action that will be employed to implement it," Milliken said. "Policy changes alone is not going to work unless strong action on law enforcement is taken."