The Chinese government's economic transformation and structural reform policies aimed at long-term sustainable growth will be mutually beneficial for Europe and China, analysts have said.

Premier Li Keqiang's support of domestic consumption will offer "sustainable and balanced growth for China", said Michal Krol, a research associate at the Brussels-based European Center for International Political Economy.

"It's more inclusive growth because it has supported the rising incomes of the Chinese population. So, it's more sustainable than cherry-picking investment that will generate profit in the future," Krol added.