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As a trailblazing example of institutional innovation needed at the Hainan free trade port, the new tax plan is key to cultivating a business environment for the country's high-level opening-up, said Li Xuhong, a professor at the Beijing National Accounting Institute.

As an important institutional innovation, China's FTZs explore new ways to deepen reform and opening-up as well as accumulate new experience. They have contributed to attracting foreign investment, said Chen Wenling, chief economist at the China Center for International Economic Exchanges in Beijing.

As an initial step, Seoul and Pyongyang are seeking to pull out 11 guard posts within a 1-kilometer radius of the Military Demarcation Line by the end of this year.

As demonstrated at the general debate, he said, there are two trends emerging in the world: safeguarding multilateralism and international law versus rising unilateralism and protectionism.

As for the escalated China-US disputes and external uncertainties, policymakers and advisers at the forum showed some concern over financial decoupling of the world's two largest economies. They called for promoting the renminbi's use in cross-border trade, investment and commodity transactions to reduce dependency on the US dollar.