In order to secure legal financing and support key infrastructure construction projects, local governments are encouraged to issue special bonds. The government plans to issue 1.35 trillion yuan ($212.9 billion) of special bonds in 2018, an increase of 550 billion yuan from a year earlier. The scope of the use of special bonds is also pledged to expand.

Wang Yiming, vice-president of the Development Research Center of the State Council, said that further deepening of supply-side structural reform is crucial to improving the institutional environment for risk prevention.

"In-depth contradictions and problems could emerge as the economic rebalancing process goes forward, especially for dealing with the debt, which requires further opening-up and continual reform," Wang, a member of the National Committee of the Chinese People's Political Consultative Conference, said on Monday.

The central government has restrained the borrowing of local government financing vehicles, further contained local government debt risks, and clamped down on quasi-fiscal activity.

Standardization and development, as well as safety and innovation, should be given at least equal importance, said Ge Huayong, chairman of China UnionPay and also a CPPCC National Committee member. "We cannot afford to just highlight innovation while ignoring safety."

"I work for the payment industry, and I think payment is a way to allow money to be transferred to an account rapidly under the prerequisite that safety is ensured. Without safety, it does not work no matter how fast the money can be transferred," Ge said.

Jiang Xueqing contributed to this story.