China's biggest problem for its economy, according to economists surveyed by the Netease Annual Economist Conference, is “overcapacity”.

Half of economists surveyed said overcapacity is the most daunting problem while they said the second biggest concern is the nation's property bubble, according to the survey released on Wednesday.

Of the economists surveyed, 71.25 percent are “cautiously optimistic” about the new leadership's reform efforts, while 23.75 percent said they are “optimistic”.

More than 80 percent predicted this year's GDP will grow by 7 to 8 percent. No one believed this year's GDP will surpass 8 percent.