Chinese Premier Li Keqiang vowed Saturday that the Chinese economy will endure and avoid a hard landing as he sought to allay fears over the country's slowing economy.

He stressed that economic development should not be taken as a sprint but rather as a long-distance marathon without an end. While a certain speed is required, even more important is stamina and endurance, he said.

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China's economy will play a positive role in the global economy, he added.

Li's remarks were made before a delegation of German and Chinese officials and entrepreneurs as both sides sought to strengthen bilateral trade and investment amid lagging economies experienced by the two.

China's growth in the third quarter of this year will likely at its weakest since more than five years ago, according to a recent Reuters poll, citing the country's flagging property market as one of the reasons for the slump.

While the country has seen a 7.3 percent increase in last year's third quarter, the weakest rate of 6.6 percent was recorded in the first quarter of 2009.

Former central bank consultant Li Daokui attributed the slump to a decreased property demand. He predicted that Beijing's GDP this year would reach 7.4 percent before slowing to 7.3 percent in 2015.

Despite this, People's Bank of China senior economist Ma Jun said the chances of China having a "hard landing" was small but did not elaborate further.

On the other hand, Germany's forecasts have also taken a downturn as top think tanks on Thursday reduced the 2014 growth prediction to 1.3 percent.

Earlier, German Chancellor Angela Merkel hailed the bilateral partnership that has remained steadfast despite the challenging situation of the global economy.

Both sides are learning more about each other and keeping in mind that mutual cooperation is key for an open and successful dialogue, she added.

Bilateral trade talks touched on complaints of unfair market practices from several China-based foreign firms who said they were not allowed to bid on public projects. Similarly, Beijing's malpractice crackdown has also heightened investor concerns.

Last month, an affiliate of German firm Volkswagen was fined over US$40.5 million for price-fixing, according to the AFP.

Li pledged to liberalize investment and trade practices as Merkel promoted fair market access.

TagsBusiness Finance, Economy of the People's Republic of China, Asia, China-Germany relations