Although he estimated gross domestic product growth will decline further in the second quarter, maybe to below 7 percent if the government does not roll out any supporting policies, Liu said unemployment will not be a major problem.

"Because of the diminishing demographic bonus, China's labor force declined by 2.2 million in 2013.

"Loosening the second-child policy means there will be many female workers on maternity leave and more demand for nursing jobs," he said.

Although a massive stimulus package is not in sight, some economists said policy "fine-tuning" is needed to prevent a hard landing for the economy.

Xu Gao, chief macroeconomic analyst at Everbright Securities Co Ltd, said any fine-tuning may include faster approval of infrastructure projects and canceling regulations relating to the property market in cities where there is downward pressure on home prices.

Meanwhile, both Xu and Liu estimated there is room for the People's Bank of China, the central bank, to cut the bank reserve ratio once or twice this year to release more liquidity and support growth.

"After all, a stable growth rate is needed for implementing reforms," Xu said.

Zhao Yinan in Boao contributed to this story.

Premier Li at Boao Forum

Celebrities at Boao Forum for Asia