Li Yining, renowned economist and member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), said he is confident in China's economy this year, during the ongoing sessions of both the NPC and CPPCC in Beijing.

"China is undergoing structural reforms, which are bound to witness the restructuring of some sectors with overcapacity, but the trend of China's economy will be to progress and improve steadily," said Li, honorary dean of the Guanghua School of Management at Peking University, whose view is that the world's second largest economy is transforming from a trend of industrialization to post-industrialization.

He added that when a country is trending into post-industrialization, it is normal to see a few indicators of slowdown in its economy.

While China is still sticking to a proactive fiscal policy and prudent monetary policy, the 86-year-old economist warns that caution and a focus on targeted regulation, fine-tuning and pre-adjustments are paramount.

He applauded the growing dynamism of China's private sector and suggested that people look around in Beijing's Zhongguancun Science Park, dubbed China's Silicon Valley, where entrepreneurship, innovation and creativity are widely discussed by scholars, researchers and business leaders.

"This is the future of China, an age of innovation," said the economist who expressed confidence in the country's economy amid recent lackluster economic data and growing downward pressure.

He advised businesses to provide more customized products, humanized services and rev up brand building in a globalized economy. Li also urged the boosting of domestic consumption through better services and lower tariff rates against a backdrop of overseas shopping frenzy.

Statistics showed that Chinese spent a record 90 billion yuan (US$13.80 billion) overseas during the country's 2016 Lunar New Year period.

As a long-time professor at Peking University, Li was the teacher of major Chinese dignities including Chinese Premier Li Keqiang and Vice President Li Yuanchao. Li's advocacy of joint reform has given him the nicknames of "Mr. Shareholding" and "the Keynes of China."