China's richest man, billionaire Wang Jianlin has urged the Chinese government to stop holding onto unrealistic targets of high economic growth rates and instead be content with a lower growth rate of even 5%.

The important thing for China is that its economic growth is "sustainable and safe," the owner of the Dailian Wanda Group said.

"China's economy needs to transform from relying on investment and exports to consumption. That's a painful process. If the transformation doesn't happen now, it would be even more painful in the future."

He added: "China needs to drop the fantasy of keeping a high growth rate of 7 or 8 percent and just accept, 6, 7 or even 5 percent."

China is expected to grow officially by around 7% this year, high compared to developed countries but the figure will be the lowest seen in China over two decades, Reuters reported.

There are growing concerns that China's pace of growth is slowing down with analysts raising concerns over the credibility of China's growth figures.

Dailan Wanda Group recently bought the World Triathlon Corp for $650m. Wang told reporters in Beijing that the recent stock market slump did not have any bearing on the company's operations.

"What it influences is our psychology, our wealth effect, our wealth figures, or the price of shares held by me and other senior executives. That's a psychological effect," Wang said.