She added that policymakers are "unlikely to sit still" in the face of the "rapid growth deceleration" but that the chance of radical action remains low.
China's prime minister Li Keqiang earlier this month said the country would target growth of around 7.5pc in 2014. The economy grew 7.7pc in both 2013 and 2012, the lowest expansion in more than a decade.
Qu Hongbin, chief China economist at HSBC, said he expected Beijing to take steps such as easing barriers to private investment, spending on infrastructure projects like urban railways, public housing and air pollution, and "guiding lending rates lower".
Markets remained sanguine despite signs of a slowdown. The Shanghai Composite added 0.8pc, while Japan's Nikkei ended the day up 1.77pc. Robert Tayon, economist at Barclays, said the market reaction could reflect "speculation China will need to take action to meet its 7.5pc growth target".
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