Jin Keyu, an associate professor of economics at the London School of Economics, believes China's financial opening-up could be hugely significant for the world.

"It is one of the last liberalizations that China needs to do, and given the size of the country, it will be important for the world because China will be integrated, not just through trade, but also through capital flows," Jin said.

In addition to the recent announcements, China has expanded the Connect programs linking the Hong Kong Stock Exchange with the markets in Shanghai and Shenzhen, Guangdong province. These programs allow investors to trade shares both in Hong Kong and on the Chinese mainland. In June, the Shanghai-London Stock Connect was also launched, further internationalizing Chinese stock markets.

Furthermore, a new Bond Connect was launched in July, allowing access to China's inter-bond market and mainland investors entry to international bond markets.

In September, the central government abolished limits on the Qualified Foreign Institutional Investor and RMB Qualified Foreign Institutional Investor programs, allowing much greater access to Chinese markets.

As a result of these moves MSCI, the global index provider, announced this month it had raised the weighting of Chinese stocks in its emerging market index from 2.55 to 4.1 percent.