Despite its growth rate slowing by a third, the Chinese economy has the potential to grow by 8 percent this year, as the manufacturing sector recovers and energy consumption showed signs of increasing late last year, according to economists with investment bank Credit Suisse.

"We saw a sudden collapse in investor confidence in China, especially in the fourth quarter of last year, but we recognize that the Chinese economy could reach the turning point," said Dong Tao, chief regional economist, Credit Suisse. He cited the central government's stimulus measures as key support for economic recovery.

Goldman Sachs, however, doesn't share this optimism. The company revised the 2009 growth outlook for China from 7.5 to 6 percent, citing domestic problems such as the tightened credit policy for property developers.