Besides a prosperous job market, the vigor of the Chinese economy is also shown by a thriving service sector, robust growth in consumption and record number of newly registered enterprises.

"The growing service sector can't completely compensate the declining industry sector. The important thing is service sector can compensate a large portion of reduced employment from industry sector. It's more important than GDP," said Stephen Roach, chief economist of Morgan Stanley.

Charlie Carre, Asia economist at the French credit insurance giant Coface, told Xinhua earlier this month that China's economic reform is "on the right track," and there is no systemic risk for the Chinese economy.

Yu Song, chief China economist with Goldman Sachs, said that there is no need to panic over the Chinese economy since Chinese policy makers could have done more in the face of market turbulence but "they chose to keep in reserve a large ammunition of policy tools" in case of extreme tail risks.