The impact of a weakening yen on China

The CICC forecast that China's exports to Japan will likely see a slight drop of four percentage points, at most, in 2013, said Peng.

Still, China's auto and electronics exports to third parties will be challenged, as lower prices offered by Japanese rivals will be more competitive, according to Peng.

In addition to the impact on trade, Japan's QE will inject more liquidity into the global economy and increase the volatility of the world's capital market, said Zhang.

However, Japan's QE will affect the United States more than China, according to the CICC, as large amounts of Japanese capital are unlikely to flow into China over the short term.

China has barriers and restrictions on foreign capital, the company said, and Japanese capital accounts for just 7 percent of the total foreign direct investment in China.

Moreover, Japan's QE could lead to global price hikes in energy and bulk commodities, as well as impose inflationary pressure on China, said Zhang.

The QE in the US, Europe and Japan will affect China's inflation this year, said Tang Jianwei, a senior analyst at the financial research center under Bank of Communications.

China's consumer price index eased to 2 percent in January from a seven-month high in December, but the downward trend will be temporary.

The CICC said in a report that China's inflation will gain steam in February, with the growth rate accelerating to 2.7 percent to 2.9 percent.

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