Over the next decade, a growth rate of 7 percent may be acceptable by the government, said Ma Jun, chief economist in China with Deutsche Bank.

"Labor costs will continue to rise because of the persistent decrease of the labor population. The Chinese labor force is predicted to fall by 200 million in the next 30 years," Ma said.

Giordano Lombardo, deputy CEO of Pioneer Investments, an Italian investment bank, said Chinese manufacturing is moving toward the upstream industrial chain, which "is an inspiring improvement".