Global challenges dominate summit agenda

Meanwhile, the eurozone remains mired in the longest recession in its history, which prompted the European Central Bank to trim its growth projections for 2013 and 2014.

FocusEconomics downgraded its GDP forecast for the eurozone from a contraction of 0.7 percent to one of 0.8 percent, as tight fiscal policies will continue to restrain growth and measures to stimulate employment may not be effective soon.

The company forecast that China will continue to lead the world's growth for several years.

In Asia, except Japan, GDP growth may be slightly lower at 6.4 percent this year, compared with 6.6 percent in 2012, it said.

Economic growth in China is expected to slow this year to about 7.5 percent, the government's target, from last year's 7.7 percent, amid sluggish domestic and foreign demand.

In May, industrial output moderated and investment hit a nine-month low. Moreover, exports slowed to their lowest level in almost one year, after the crackdown on inflated trade invoices.

The central bank's determination to retain a prudent stance in its monetary policy also raised concerns about a potential debt crisis in the banking system.

Zhang Zhiwei, chief economist in China with Nomura Securities Co Ltd, said: "The liquidity squeeze is the first real economic test for China's new leaders, to prove their willingness to overcome tough economic issues not with words, but by their actions."

He said the government will undertake structural reforms to sustain more balanced growth, and he added that a hard landing can be avoided.

China is playing a more important role in the world's economic recovery, while at the same time economic connections among countries are getting closer, said Zhang Liqun, an analyst from the Development Research Center of the State Council.

As a result, foreign countries are paying closer attention to Chinese growth, and think tanks should take the responsibility of giving a comprehensive and accurate development picture for foreign policymakers and investors, according to Zhang.

Pascal Lamy, director-general of the World Trade Organization, said: "In the new world, China has an important role to play and I hope more communication will be set up to understand what China's role is in building up this necessary global economic governance.

"The world is changing fast and China itself faces new challenges that will appear with economic and social development, and that is calling for new policy responses," Lamy said.