Bold measures to rev up Chinese economy

However, Wang warned that export growth is likely to decelerate in the fourth quarter amid slowing global trade and increasing trade restrictions, which may lead to a slowdown in industrial production and manufacturing investment and further exacerbate pressures from lackluster demand.

"The broader economy is still facing pressing challenges and difficulties, with supply recovering more rapidly than demand, and external demand outperforming domestic demand," he said.

Data from the National Bureau of Statistics pointed to still-weak consumer confidence and demand, as China's consumer price index, the main gauge of inflation, rose by 0.6 percent year-on-year in August. Meanwhile, China's producer price index, which gauges factory-gate prices, slipped by 1.8 percent in August.

Given China's current low price levels, Wang said he expects the annual CPI increase will be significantly lower than the preset growth target of around 3 percent, and PPI will continue its negative growth pattern.

"That will lead to nominal GDP growth lagging behind real GDP growth, which directly impacts household incomes and corporate profits," Wang said. "Thus, it is particularly important to intensify macroeconomic policy measures to achieve the annual economic and social development goals."