CNBC asked in a report on Thursday whether economic woes in China could drag down the US as well. In recent days, a string of newly released economic indicators have once again sparked widespread concerns over the health of China's economy, with the country reportedly facing escalating financial risks.

There had been promising signs earlier in the year, but some market watchers have suggested that was mainly been due to government efforts to pump up the economy.

Following a series of interest rate cuts and accelerated approvals of government-backed investment projects, it seems the central government has further eased its monetary and fiscal policy to help spur the economy.

Risks that have accumulated in the country's economy following policy easing measures have sparked market concerns over the fragility of China's economic recovery.

"Weakness in the Chinese economy has come to the fore this week," the CNBC report said, citing as evidence the Caixin Purchasing Managers' Index (PMI), a closely watched gauge of manufacturing activity in China.

The index came in at 49.4 for April, below economists' expectations.

Under these circumstances, restoring market confidence is an urgent task for China. The nation may need to take concrete measures to dispel concerns both in domestic society and among other countries, while offering reassurance that Chinese policymakers will not overlook the accumulation of financial risks and won't resort to large-scale stimulus policies to pump up the economy.

In fact, top Chinese leaders have repeatedly said that China would not start a new round of major economic stimulus and have pledged to push forward structural reforms to promote sustainable economic growth. But unfortunately, some policy measures issued by the central government have not yet been properly implemented.

The Xinhua News Agency said Wednesday that China will conduct inspections to review the implementation of incentives launched in 2014 to encourage private investment in key innovative sectors.

The news came after economic indicators showed that private fixed-assets investment growth in China slowed to 5.7 percent year-on-year in the first quarter, down from 13.6 percent growth in the same period last year.

Economic expansion that relies on massive government-backed investment and bank lending must come to an end. But it seems some local governments and grass-roots civil servants are not yet aware of this.

In this regard, the central government perhaps needs to conduct a broader examination to review the implementation of its policy measures to ward off potential financial risks faced by the Chinese economy.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn