Prof. Gabriel Stein, Chief Economic Adviser of OMFIF, acknowledges reforming the Chinese economy would be fraught with difficulty in Beijing on Friday, Feb. 21, 2014. [Photo by Chen Boyuan / China.org.cn]

Keeping the capital account closed is like locking up your children in a room, said Prof. Gabriel Stein, Chief Economic Adviser of OMFIF, who acknowledged reforming the Chinese economy would be fraught with difficulty.

"There have been plenty of reports and conferences discussing how to reform and liberalize the capital account, illustrating examples from other countries and drawing conclusions for China," he said, comparing locking up a country's capital account as locking up one's children in a room.

"The result is they will have a boring life and above all, you won't have any grandchildren," said Stein.