Economy within range

Fan reiterated that the Chinese economy is within a proper range as four major economic indicators, including GDP growth, inflation rate, employment rate and balance of payments, have all stayed sound.

China's GDP rose by 7.4 percent year on year in the first quarter of 2014, beating popular market estimates of 7.3 percent. The tertiary industry, which is a powerhouse for future growth, accounted for a larger portion of the GDP, indicating an ongoing restructuring in the world's second-largest economy.

Although increased food prices drove China's inflation at retail level to rise to 2.4 percent in March from 2 percent in February, Fan believes the inflation pressure still remained subdued.

In addition, more than three million new jobs in cities and towns were created in the first quarter, taking up more than a third of the yearly target.

China currently has a net capital inflow, showing that the country remains a magnet for foreign capital.

A mild yet proper economic expansion creates room and time for China to realize its reform ambitions, Fan said.