Goldman Sachs thinks that the operational issues should improve over time as teething issues are addressed during the phased inclusion, which should pave the way for other bond indices to include China.

Two other major global bond indices include the FTSE World Government Bond Index and the J.P. Morgan Government Bond Index-Emerging Markets.

"We expect all three major bond indices to include China (or at least announcement of plans to include China) by the end of 2020," Goldman Sachs said in the February report.

Schipke, one of the editors of the book "The Future of China's Bond Market" published by the IMF in March, said the team thinks that China's financial sector integration in the next decade will bring many opportunities for investors globally to diversify their portfolios.

Looking ahead, the book's contributors believe that a careful sequencing of reforms could help minimize risks and promote the development of China's bond market. The team suggested that China strengthen the capacity of financial regulators, boost foreign participation and improve communication, among other things.

"It is important to further the quantity of information that is available for investors," Schipke said, adding that more transparency should be conducive to the development of China's bond market.

"Last year China celebrated its 40th anniversary of reform and opening-up, which contributed to China's trade and product integration," said Schipke.

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