"The shift in the growth model will definitely have a short-term impact on the Chinese economy as well as the global economic performance, which already remains disappointing," she said.

The former Indonesian finance minister said that maintaining growth of 7 percent to 7.5 percent is actually still high compared with most other major markets and will raise questions about what kind of growth it is and whether it is sustainable and improving in quality.

When talking about quality growth, that can be measured in various ways, she said. For example, will that growth further pollute the country's air and water, and will it be achieved with more efficient use of energy?

She suggested that China's social and economic policies should focus on areas such as land liberalization and capital reforms, for example.

She also said she fully understood the challenges facing the country as it adjusts its economic model from one heavily reliant on investment and exports to one more driven by productivity, innovation and consumption.

Chinese leaders have recently stated they have greater tolerance toward slower economic growth and that progress slightly lower than 7.5 percent is acceptable.

China's GDP in Q3 grows 7.3%	Indicators send confusing growth signals