Combined with the RCEP's accumulative rules of origin, which allow a product to enjoy tariff reduction or abolishment as long as it adds at least 40 percent of its value within the RCEP region, trade between the two nations is expected to expand, Zhang said in a note.

They call for developing used-car distribution, promoting the abolishment of all restrictions on the relocation of used cars, and expanding the circulation of used vehicles.

Friday's move has made the main boards of the Shanghai and Shenzhen exchanges eligible for registration-based IPOs, marking an abolishment of the approval-based system.

"The abolishment of the investment quota restrictions represents another line of progress for the long-term opening up of China's financial markets and will enable investors to optimize the ongoing opportunities to invest in the Chinese market," said Jameel Ahmad, global head of Currency Strategy and Market Research at FXTM, a global forex trading platform.

Zeng Gang, deputy director-general of the National Institution for Finance and Development, said the abolishment of rules that limited foreign ownership of Chinese commercial banks was the most noticeable change of the revised regulations for foreign banks.

Over the past decade, the NPC Standing Committee has received more than 19,200 suggestions on the review work from citizens and organizations, leading to the revision or abolishment of more than 20,000 normative documents.