BEIJING, March 5 -- Although China lowered growth target to embrace the economic "new normal", U.S. personal-care products maker Nu Skin said it still sees great potential in the world's second largest economy.

"Nu Skin's board believes China may face downward pressure in the near future, but it will successfully get through a period of transformation," said Li Chaodong, vice president of Nu Skin China, on Thursday.

Some western economists have repeatedly predicted the collapse of the Chinese economy, but facts prove from time to time that they are wrong, according the senior executive.

China lowered its GDP growth target for 2015 on Thursday to around 7 percent, a level not seen since 2004 and 0.5 percentage points lower than that for 2014.

"Even though the Chinese economy is expanding at a medium-high speed, the newly generated GDP annually can match the GDP of a large country, creating great business opportunities," said Li.

The New York-listed company began operation in China in 2003 as the country's first foreign-invested direct selling company. Currently, sales revenue from China accounts for about 30 percent of Nu Skin's global total.

To better tap the market, Nu Skin established "an innovation park" in Shanghai last year and forged it into one of the company's two research centers globally.

"I am sure that the Chinese economy is shifting gears, but it will not lose steam," said Li.