China to face up to economic risks for emerging countries

In addition, China is implementing the most aggressive structural reforms in decades, including necessary ones to address the country's financial risks. This determination is not seen in most other emerging countries due to political stalemate, according to the report.

China's economic growth used to be driven by its demographic dividend, that is, its massive working-age population. However, with that dividend diminishing since 2012 together with the rising cost of labor force, China's economic growth could be significantly impacted, some economists said.

The impetus for China's economic growth will come from its new demographic dividend based on improved education and uplifting the skills of its labor force, a key factor in keeping future development sustainable, said Nicholas Borst, a scholar with the Washington-based Peterson Institute for International Economics.

China enjoys huge advantages in this new demographic dividend, as well as scientific innovation, which will help deepen its market-oriented reforms and boost economic vitality, Scissors said.

China speeds up innovation in financial systems, which will help boost international income balances, improve the external economic environment and guard against financial risks, he said.

China has to improve government services to meet the challenges of the next twenty years, and reduce administrative intervention in economic activities to establish the decisive role of the market in resource allocation by 2020, according to Ken Lieberthal, a senior fellow with the US Brookings Institution and a leading China expert.

It is down to the changes of government functions to deepen reform and to realize the Chinese Dream, he said.

China is faced with many challenges and should prevent hard landing of its economy, the economists agreed. Wang Jian pointed to the mounting debt incurred by China's local governments over the years and suggested it must be closely followed.

China's property market might have outgrown its boom days, Wang said, but predictions of an imminent property bubble burst and economic crash are premature.

The government should guard against the possible financial risks that market fluctuations may create and take measures to cope with the risks, Borst said.

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