As for private investment, the government on Tuesday vowed to issue specific guidelines for encouraging private investment in more industries after opening the way for private capital to flow into the railway and health care sectors.

"If these policies are implemented, they will greatly energize the private sector and boost economic efficiency," said Li Xunlei, chief economist at Haitong Securities.

Other options at the government's disposal include consumption-boosting measures and social security network expansion, which aims to make the public more willing and daring to buy.

The government last week approved 26.5 billion yuan in subsidies to promote the consumption of energy-saving household electrical appliances, and it has been taking steps to increase expenditures on elderly care, health care and education.

With a sufficient fiscal surplus, the government will be able to further expand its social security network and push income reforms, said Zhao Qingming, a senior researcher with China Construction Bank.

Official data showed that China's fiscal revenues reached more than 4 trillion yuan in the first four months of this year, with 3.2 trillion yuan in expenditures during the same period.