While consumption or trade activities may still be prone to macroeconomic uncertainties, China is creating new growth drivers that will lead to stable, long-term growth.

NBS data showed that new-energy vehicles, industrial robots, solar power and integrated circuit outshone most other industries in terms of output in 2017, contributing to a pick-up in industrial output growth in 2017.

China plays a leading role in the development of fintech, robotics and artificial intelligence, and is a "pacesetter" for digital commerce, outweighing other countries in terms of online retailing and payments, Lipton said.

With the sun shining on the global economy, it's time to "fix the roof," according to IMF Managing Director Christine Lagarde.

"To maintain a sustainable engine for global growth, China needs to tackle key challenge such as credit risks," Lipton said. "China has a window of opportunity to accelerate economic reforms that can secure sustainable and inclusive growth."

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