Understanding China's 'around 7%' growth target

Industrial structure is also improving. The service industry accounted for 49.5 percent of GDP in the first half of 2015. In 2010, the share was 39.2 percent.

The sector's role in shoring up growth has helped ease the country's reliance on resources and energy, and facilitated the economic transformation toward a more technology- and innovation-driven model.

Under government encouragement and support, innovation and entrepreneurship is being embraced as a source of competitive advantage, with meaningful advances emerging in fields such as mobile apps, consumer electronics and renewable energy.

The result is a start-up boom in China, with 30,000 new companies registered everyday in the first three quarters.

There are positive economic changes emerging almost every day as new growth drivers take effect to combat downward pressure from industrial overcapacity, a sluggish property market and slowing trade growth.

There is no doubt this will be a painful battle, but with deeper reforms and wider opening-up, China's economic resilience should not be under-estimated.