Premier Li Keqiang said economic fluctuation in the third quarter is "within the expectation" and China will hold on to meet its economic growth target of around 7.5 percent for the year.

The slowdown in the most recent two months was acceptable, Li said, because the country is starting from a high base from last year, and because the international market outlook remains gloomy.

Li made the remarks during a dialog with multinational corporate leaders on Tuesday, before the opening of the World Economic Forum's Summer Davos Forum in Tianjin.

He said China will continue to carry out targeted macroeconomic controls and economic restructuring, in a bid to invigorate the market.

The economy expanded 7.4 percent in the first half, but momentum failed to carry over into July, as shown by China's softening industrial output, investment and retail sales.