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"China now focuses less on planning for pursuing GDP targets. That is a major difference compared with past practice," he said.

"China and India both are developing countries and major emerging economies with huge home markets," said Gao Feng, spokesman for the Ministry of Commerce. "The two countries are highly complementary in terms of economic development models."

"China is on the way to become an important economic entity in the world and will shape the future of the global economy to a degree that we can currently not yet predict," Tan said.

"China needs to continue its opening to the world, including important programs like the Belt and Road Initiative, while also promoting domestic-based growth to improve people's livelihoods and living conditions," said Sachs, who is also a senior United Nations advisor.

"China didn't become the world's factory overnight. It was 30 or 40 years in the making, and there are reasons why multinationals have put their supply chains in China. It is not because they necessarily love China－they are there for sound commercial and economic rationalities. None of these have changed."