The newly-released government work report "instills confidence" in entrepreneurs, said Lei Jun, founder of China's homegrown smartphone vendor Xiaomi and deputy to the National People's Congress (NPC), at the sidelines of the annual NPC session on March 5.

The billionaire investor said he is keen to better understand what kinds of policies the government will roll out in the 13th Five-Year Plan (2016-2020), which outlines China's development for the next five years, against a backdrop of lackluster economic data and growing downward pressure.

"Hopefully, the government will further stimulate the economy in order to release pent-up demand," said Lei. He added that he is particularly interested in what the Internet will bring forth to rural areas and how it will stimulate the market there.

Ratings agency Moody has raised a red flag over China's growing government debt, further capital outflows and uncertainties to implement economic reforms, as it lowered its outlook on the country's sovereign bonds from stable to negative on March 2.

Ahead of Moody's pessimism, concerns over China have already roiled global markets amid waning investor confidence. Billionaire George Soros said China's hard landing is practically unavoidable, a slump that will worsen global deflationary pressures, drag down stocks and boost U.S. government bonds.

Dong Mingzhu, NPC deputy and president of Gree Electric Appliances, told China.org.cn that she thinks pessimism regarding China's slowdown is, in some ways, overhyped.

"I think it is quite normal to see a few fluctuations in the process of high-speed growth," Dong noted, implying that the powerhouse is undergoing a period of dormancy. "Economic transformation cannot come overnight, and neither can the ongoing supply-side reform."

The world's second largest economy cut its growth target for this year to a range of 6.5 percent to 7 percent Saturday, after the country revealed its lowest growth rate in 25 years at 6.9 percent for 2015.

"A 6.5 percent GDP growth target may seem much lower than that of previous years," said Pony Ma, president of China's Internet giant Tencent and also a deputy to the NPC, during a panel discussion on Marche 6. "But don't forget, China's GDP volume is also much bigger than before, which is almost 1.5 times that of five years ago in terms of absolute value."

Ma recognized strong headwinds for future socioeconomic development but was still encouraged by Premier Li Keqiang's government work report, saying that "those problems can be resolved in the process of development."

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