China's economic slowdown 'welcomed'

Zhu also credited the fact that the service sector contributed more to the GDP than the manufacturing sector this year as a good result of China's economic restructuring.

He cautioned that continued restructuring of the real estate sector is still a major task, because the property market still contributes a large chuck of GDP growth.

He noted that the long supply chain of the real estate sector means it's both a difficult and important task.

Zhu said that people at the meetings praised the stable growth of the Chinese economy. "As the world's second largest economy, China's economic stability is especially important to global economic growth," Zhu said.

Markus Rodlauer, deputy director of IMF's Asia and Pacific Department, said in a recent talk that 1 percent point low growth in China would translate into about 0.1 percent point less global growth, with larger impacts on selected economies.

China and other emerging markets and developing countries have accounted for more than 80 percent of world growth since 2008. "Led by Asia, and China in particular, we expect that they will continue to drive global activity," Lagarde said last week.

"I hope the Chinese economy will continue to grow in a sustainable way," Zhu said.

Kim, the World Bank president, described China's efforts to move up the value chain and switch the economic growth to be focused more on consumption and services as "very difficult things to do".

Noting that China's economic growth has moderated from a high rate of 10 percent, Kim said the important thing is that China continues to be committed to that reform process.

"We believe that the reform process and moving toward a different growth model is what China needs to do," he said.

Kim described it as a delicate balance when the Chinese have to move to a different growth model and at the same time keep a certain growth rate to create jobs.

"We have faith in the Chinese leadership. We think that they very clearly understand these trade-offs and we will continue to work very closely with them," he said last Thursday.