Behind the rapid development, risks are building. However, economists say the shadow banking system is controllable and the credit risks will not trigger a financial crisis.

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"The overall fiscal conditions of China are healthy and there is ample monetary supply, so the individual default risks are unlikely to cause wide-ranging financial turbulence," said Ding Zhaoyong, an associate professor of finance at Jilin University in northeast China's Jilin Province.

Zhou Xiaochuan, governor of the People's Bank of China, said on Feb. 24 that China's shadow banking had grown rapidly but was still not big.

He said the country was handling the issue.

The government has placed effective supervision on shadow banks based on lessons drawn from international experience, Zhou said during the G20 meeting for central bank governors and finance ministers.

Sun Zhiming, head of the economic research institute of Jilin Academy of Social Sciences, said since the beginning of the year, the central bank has established a liquidity management mechanism which has helped stabilize market expectation.

At the same time, regulatory departments have strengthened supervision over shadow banks and interbank business, which have helped guide financial institutions to improve their liquidity management, he said.

Analysts say the annual sessions of the National People's Congress and the National Committee of the Chinese People's Political Consultative Conference would discuss reforms in various areas, including financial.