Innovation key to growth model shift in China's economy (5)

Echoing Cheng’s view, Gu Shengzu said moderate growth rate of above 7 percent can keep China’s economy stable, sustainable and healthy.

But economists also warn of downside risks from still cloudy external markets. The European debt crisis and listless U.S. economy continue to crimp demand from China's two largest trade partners.

Chinese Minister of Commerce Chen Deming said China is certain to hit the government's economic growth target of 7.5 percent for 2012.

Gurria estimated that China's growth would be at 7.5 percent to 7.7 percent this year, and could expect "a higher growth in 2013 and even higher growth up to 8 percent in 2014," adding that it would maintain at this rate for fifty years.

Despite rosy picture, Gurria warned that China also faces challenges and needs to mull over "how to sustain a relative high rate of growth.”

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