He stressed that economic reform in China has to take preference over high-speed growth over the short-term.

Tang Jianwei, a senior analyst with Bank of Communications Co, said the economic stimulus measures introduced in late 2008 were mostly meant in response to a sharp slowdown in the economy due to external influences.

"But today, the slowing economic growth is mainly the result of a lack of internal motivation."

Besides, Tang added, that 2008 stimulus package had also resulted in issues such as an overheated housing market.

"The impact of natural disasters only has a short-term effect on an economy. Over the long term, such an impact is often countered by the resultant reconstruction program," Tang said.

Wendy Luo, an analyst with Barclays Bank in Hong Kong, said the Ya'an earthquake was likely to delay plans by property developers, and hurt the confidence of house buyers, which could hit prices and earnings in Sichuan province.