Jian Chang, chief China economist for Barclays. [Provided to China Daily]

Jian Chang, chief China economist for Barclays in Hong Kong, also thinks the target will be 7 percent but is not sure whether the actual outcome will reach that level.

She believes China is entering an era where there will be step-change declines in growth with it falling to 6.6 percent in 2016, 6 percent in 2017 and then settling in the range of between 5 and 6 percent in the years up to 2022.

"I think we still have a situation where 7 percent is a psychological figure but I think it is a good thing the economy is slowing and allowing restructuring to actually happen. We are moving away from the old economy to the new one."