His views were echoed by other experts.

"The internal demand (domestic consumption) and the external demand (foreign sector) should be balanced," said Maria Jesus Herrerias, a senior research fellow of contemporary Chinese studies at the University of Nottingham in the United Kingdom.

"Income distribution among the vast territory of China should be the key to encourage domestic consumption," Herrerias added.

Li said in his speech that China will foster new growth areas in domestic consumption, investing in sectors such as new energy, urban infrastructure and railways in central and western areas, and promoting growth in services including healthcare, culture and education.

Improving the human capital and making education accessible to every citizen is the key to enhance domestic innovation and long-term growth, Herrerias noted.

The Chinese economy has become a hot topic around the world after an economic growth slowdown this year. The government has set the full-year GDP growth target at 7.5 percent.

Wang Xiaobing, a lecturer at the University of Manchester in the UK, expressed his confidence regarding China's economic future, adding that the country's economic growth will be driven by continuous reforms instead of a single reform.

"The reforms will have to be carried out and deepened continuously for the next 20 years at least. It's a long-term process," Wang said.

Wang Mengzhen contributed to this story.