China's economic growth eased to 7.5 percent in the second quarter, down from 7.7 percent in the first three months.

Instead of initiating a massive stimulus program to lift the economy, authorities are moving cautiously by speeding up shantytown renovation, accelerating railway and infrastructure investment, and reducing taxes for small businesses to steady growth while driving though reforms.

The efforts have gradually worked, Li said, citing August's improving economic indicators, such as the Purchasing Managers' Index, industrial profits and power consumption, as evidence of a firming economy.

"Such momentum of steady progress gives us confidence that we can meet the economic and social development goals set for the year," Li said.

Zhang Xiaojing, an economist with the Chinese Academy of Social Sciences, raised caution over underlying risks, including possible capital outflows triggered by U.S. tapering of quantitative easing and the financial hazards of China's de-leveraging process.

"The biggest challenge for China is resolving financial risks while driving through reforms," he said, naming local government debts and shadow banking as the most concerning.

"Economic upgrading is a long-term task that requires coordinated efforts at various levels, and we hope the upcoming Third Plenary Session of the 18th Communist Party of China Central Committee will offer more detailed reform plans," he added.