"Downward pressure on the Chinese economy remains quite strong, but the country is able to ensure the GDP growth of more than 6.5 percent this year," - said Bai Chong, Policy Advisor at the central bank and a professor at Tsinghua University.

"The pressure on the economy is still quite large, but there should be no problem for us to achieve growth of more than 6.5 percent," - said Bai.

"China's has already done a lot with monetary policy", adding that he agreed with the assessment that the tax cuts would be more effective in promoting growth than lower interest rates.

"We did a lot in terms of adjustment of monetary policy but fiscal policy should also have to be more appropriate in the current environment." - Said Bai.

Recall, China has set a target for GDP growth this year in the range of 6.5 percent to 7.0 percent. At the end of 2015 the economy grew by 6.9 percent, the weakest pace in 25 years.