There are difficulties facing the country's economic and social development both at home and in the global market, Zhang said.

It may take time for the economy to emerge from the turbulent patch, Zhang said.

Government efforts are taking effect, and growth is stabilizing slowly, he said but he did not speculate on when growth would rebound from a three-year low of 7.6 percent in the second quarter.[Hong Kong Company Registration Guide]

HSBC on Monday lowered its forecast for China's GDP growth in 2012 to 8 percent from 8.4 percent mainly due to export concerns.

Qu Hongbin, HSBC's China chief economist, said expectations of weaker-than-expected data will prompt the government to take more easing measures, which will lead to a recovery but the scale is likely to be modest.

But Zhang, the NDRC minister, said China's economic development is still on track, with favorable conditions such as the huge potential in domestic demand and room for ample policy incentives.

However, challenges allow little optimism for China's exporters, Zhang said, citing sluggish external demand and diminishing price advantages.

China's exports have become a particular drag on the economy. In July, exports edged up just 1 percent year on year, leading to weaker production and deepening worries about the future.[Businesses Registration]

To support growth, China has launched a batch of supportive policies since early May.

The country has fast-tracked approval process for investment spending on key projects, lowered interest rates twice in the past two months, and enriched capital in the banking system through repurchase agreements.

Finance Minister Xie Xuren vowed at the NPC Standing Committee meeting that more fiscal incentives will be rolled out, including quicker tax rebates and a new credit insurance. The NDRC's Zhang promised policies to help consolidate China's labor-intensive exporters.[Hong Kong Company Formation & Registration]