Capital market reform to spur innovation

China's capital market reform and opening-up, a key area of supply-side structural reform in the financial sector, is set to bolster the nation's innovation-driven growth, analysts said.

Developing the capital market has become more significant for the Chinese economy than before, said Xu Biao, chief strategy analyst with Wuhan, Hubei province-based TF Securities.

"After mainly relying on bank loans to grow, China's corporate sector now has a leverage ratio much higher than other major economies," Xu said in a research note.