Corrections in China's property market, as well as local government debt, are providing some of the downside momentum for the slowing economy. But Ma Jiantang, head of China's statistics bureau, says these challenges do not pose major risks to China's economic growth.

Ma says the decrease in China's property investment growth rate in 2011 indicates property control measures have started taking effect. Fewer investors are choosing to park their money in real estate. But he adds property investment is still growing, albeit at a more reasonable rate, and still contributing to economic growth.

Mounting local government debt in China also made headlines in 2011. But Ma says, rest assured - most local governments have stable cash flow.

He also notes increasing financial incomes will also help China confront the challenges and risks posed by local government debt burdens.