Steady growth for next year

On the outlook of the Chinese economy, Gros said China should see steady growth next year, hopefully based more on consumption and less on investment.

"The key point in the long term is to establish the supremacy of the rule of law. Another key point is to deal with the sale of land to developers: this is an endless source of temptation for corruption," he added.

Erixon said China's growth can still be healthy and, by international standards, strong. But the three mechanisms that have underlined growth in the past -- high investment levels, big monetary stimulus and export surplus -- will not deliver growth in the same way they did in the past.

He explained that China should get some tailwind from the recovering world economy and move up to a higher growth trajectory next year.

The fall in oil prices is also likely to give a boost to the growth of an energy-intensive economy like China, Erixon said.