Another concern among economists is that growth will be dragged down by slowing investment, because fixed-asset investment accounted for about half of the country's growth in the past few years. The NDRC's report this year has already lowered its expectation for fixed-asset investment to 17.5 percent, down from 18 percent a year ago.

Song acknowledged there are many negative factors in investment, including a glut of capacity in some industries, and rising borrowing costs. But he also pointed out a number of "bright spots" for investment.

One is the fast growing investment in strategic and emerging industries, such as biotechnology, new materials and alternative energy.

For traditional industries, there is also enormous demand for technological renovation and equipment upgrading.

In the long term, the rising of information technology and the service sector is also one of the bright spots, Song said.

For the property sector, he said demand remained robust in many county-level cities as massive numbers of migrant workers, after earning money in large cities, buy houses in their hometowns.

Separately, the consumer price index, a main gauge of inflation, increased 2 percent year-on-year in February, down from 2.5 percent in January, the National Bureau of Statistics said on Sunday.

Top 10 figures in 2014 govt work report

Experts: GDP growth target reasonable