Agriculture important

"As farmers get more job opportunities and their incomes improve, domestic demand in the countryside will be further unleashed," said Kuang.

According to authorities, China is unlikely to unveil any large scale stimulus package this year. Instead, growth will rely on domestic demand to boost consumption.

Echoing the document, the People's Bank of China announced on Tuesday that it will lower the reserve requirement ratio for county-level rural commercial banks by up to 2 percentage points.

Analysts estimate the cut will release around 50 billion yuan ($8.1 billion) to 150 billion yuan to the rural market.

Kuang said the move does not mean a shift in China's prudent monetary policy, as the amount is small given the size of the economy.

The "targeted" move will increase liquidity supply to rural areas, add new momentum to agricultural growth, and help rebalance the country's economy, said Kuang.

Private lenders will test the waters of financial reform

China to open interest rate in one or two years