A shopper checks a box of imported cookies at a Wal-Mart stores in Yichang, central China's Hubei province, Oct 13, 2015. [Photo/IC]

China enjoyed double-digit growth for decades, but the government said it expects growth to slow further to about 7.0% this year, one of the slowest economic growth in a quarter of a century as activity is weighed down by weak demand, factory overcapacity, high debt levels and cooling investment appetite.

China's Finance Minister Lou Jiwei said on Monday that developed economies are to blame for the global economic malaise because their slow recoveries were not creating enough demand.

International Monetary Fund head Christine Lagarde said China's economic outlook is not all "doom and gloom" and she expects it to gain traction next year.

Lagarde told the BBC in an interview that the Chinese economy was undergoing "massive transitions."

"I would say it is a recovery that is decelerating a bit," adding that she expected it to regain its momentum next year.