Full convertibility of RMB and facilitating offshore financing will be rolled out in the second quarter of 2014 in the FTZ. And trading of crude oil futures on the Shanghai International Energy Exchange is expected to start by the end of the year.

While hailing these achievements, Chinese economists warned of the lurking risks amid the volatility of the market.

Broad changes coming in finance, premier says

Shanghai FTZ sees more liberalization

Zhang Yansheng, secretary-general of the academic committee at the National Development and Reform Commission, said that a financial crisis spreads at a fast pace with profound impact, so financial risks also need to be closely observed.

"Financial opening is a trend, and China has pushed financial reform to a new phase, especially after the launching of the FTZ and the acceleration of the internationalization pace of RMB, but we need to ensure the stability of RMB while stressing independent monetary policies," Zhang said.

Zhuang Jian, an economist with Asian Development Bank, echoed Rogers, saying that it is very important to bridge China's capital sector to the global market.

"China has reached the middle-income status after reform and opening up in the past three decades. To become a high-income country while avoiding the "middle-income trap", it's crucial for China to build a stronger capital market conforming to international standards while boosting the real economy in the coming years," Zhuang said.

Rogers, the co-founder of the Quantum Fund and creator of the Rogers International Commodities Index, is optimistic about China's economic reform, stressing the country will have the most important and powerful markets in the world once it opens the markets completely.

"Shanghai will take huge market share of currency trading as well as bonds, shares, and IPOs once China's markets are open to the world. And Chinese financial firms will be the place where everyone wants to work and do business," he said.