The global economic recovery has suffered a huge setback and is filled with uncertainties. The faltering U.S. economy, and the sovereign debt crisis and inflation in some countries have made the policy setting in the world's major economies more difficult, he said.
The excessive liquidity globally has apparently not eased the imported inflation pressure, while domestically, economic restructuring faces more pressure, as irrational investment and excessive production capacity keep rising, according to Peng.
So far, it has been the government that has played a major role in transforming the economic development pattern, which leaves the market forces more room in the future, he said.
China's GDP expanded 9.1 percent year-on-year in the third quarter of the year, marking the slowest pace since the third quarter of 2009.
Government officials have said it is a desired outcome of China's macro-economic regulations as the government continues its efforts in reining in inflation and pushing economic restructuring.
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