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Analysts also see several risks, including a return to a "bifurcated market", according to the FT.

Andrew McAfee, principal research scientist at the Massachusetts Institute of Technology (MIT), best-selling author and co-founder of MIT's Initiative on the Digital Economy, said major developments in data, algorithms, networks, cloud, and digital hardware have unleashed a wave of innovation that is "rewriting the business playbook" in his keynote address.

Analysts expected more easing measures to be rolled out early next year to boost the manufacturing sector.

Analysts said the much-anticipated revision will make the SCI less volatile and more effective in reflecting the market performance of Shanghai-listed firms, as part of the nation's ongoing efforts to spur a healthy development of the equity market.

Analysts say the new rules will benefit China's NEVs industry, prompting auto manufacturers to upgrade technology to meet the subsidy requirements.