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"China needs to bring back the animal spirit of the population and we are still far from that," said Shuang Ding, Chief Economist for Greater China and North Asia at Standard Chartered Bank.

"China needs to stabilise property markets and create sufficient jobs to ensure social stability," Mr Ding from Standard Chartered Bank said.

A widening services trade deficit from outbound tourism or overseas study, and reduced incentives for Chinese exporters to convert proceeds back to yuan due to a wide interest rate gap, may be downside factors in the near term, said Becky Liu, head of China macro strategy at Standard Chartered Bank.

"By trading FX swaps, exporters can postpone their settlements while meeting their yuan demand," said Becky Liu, head of China macro strategy at Standard Chartered Bank.

Foreigners can take part in the commercial Pink Fest event, which this year included a careers fair hosted by WeWork and sponsored by Dyson, Nomura and Standard Chartered Bank.