The World Bank, in its latest China Quarterly Update, projected China's real GDP growth at 9.3 percent in 2011 and 8.7 percent in 2012.

But risks on inflation and the property market call for full normalization of the macroeconomic stance to keep growth on track, said the China Quarterly Update released on April 28.

"Much of the impact of the higher oil and industrial commodity prices is still in the pipeline, inflation expectations are high and there is little spare capacity in the economy. Therefore, a full normalization of the macro policy stance is important," said Louis Kuijs, senior economist at the World Bank China's office and main author of the update.