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China's economy has hit the bottom of the so-called L-shape growth trend, according to Fan, although an immediate rebound is less likely. "We are in a process of bumping at the bottom, a normal process of the economic cycle, which can be seen as an opportunity to fix China's own problems, such as overcapacity and financial risks, then we can have a better growth in the next stage", he said.

China's economic vitality is growing, said a development report on China's new economic momentum, released for the first time by the NBS at the BRICS meeting.

China's lower-tier cities are stealing the residential property market thunder from bigger places as home prices continue to rise, thanks to fewer restrictions on purchases there.

China's first e-commerce law took effect on Jan 1. It bans vendors from unscrupulous practices like deleting shopper reviews, and canceling orders.

China's investment in property development rose 6.3 percent year-on-year in the first 10 months, picking up from the 5.6-percent increase in the first nine months, official data showed.