The World Bank's latest China Quarterly Update released on April 12 predicts that China's GDP growth will stand at 8.2 percent in 2012 and 8.6 percent in 2013.

"China's gradual slowdown is expected to continue to 2012, as consumption growth slows, investment growth decelerates more pronouncedly and external demand remains weak," said Ardo Hansson, World Bank's lead economist for China. "The risks of overheating are moderating, increasing the prospects to achieve a soft landing," he said.

The report notes that key risks confronting China include the weak and uncertain growth prospects of high-income economies and the evolution of the ongoing correction in China's property markets.

The update points out China's long-term outlook will depend on structural adjustment.

As the traditional drivers of growth weakened over time, sustaining strong per-capita income growth requires productivity improvement and redefining China's competitive advantage from low cost to higher-value products based on technological innovation.

Looking forward, China will focus on the quality of development rather than just the speed, said the report.