Alhough there has been frequent mention about China's growing soft power, it is equally important that it takes steps to harness more soft assets, a top industry official said.

"It is high time that China starts focusing more on soft assets such as education and research at colleges and universities," said Roger Dassen, global managing director, clients, services and talent, Deloitte Touche Tohmatsu Ltd.

"China has proven to be very good at providing hard assets such as airports, highways and many industrial zones. But in contrast, more attention should be turned to soft assets," Dassen said. Soft assets are necessary to make China, and indeed any country, become a strong player in the global economy, he said.