China's leadership is expected to focus on averting any potential debt crisis and following a prudent policy in the coming quarter, to build a sound foundation for steady reforms, said Zhang Zhiwei, chief economist in China at Nomura Securities.

The nation is going through a deleveraging process, which is a priority for deepening the transformation of the economic growth pattern. The earlier the debt ratio can be lowered, the higher the probability China has to avoid a financial crisis, Zhang said.

"Keeping credit growth moderate, in line with GDP growth, and pushing structural reforms to boost growth may be the current task of the new leadership."