"There are some signs that capital flows may have played a role. China's export growth in November diverged significantly from the weak export performance of its neighbors, such as South Korea," Zhang said. South Korea's overseas shipments rose just 0.2 percent in November from a year earlier, well below expectations for a rise of 2.8 percent.
In addition, the State Administration of Foreign Exchange (SAFE) over the weekend stepped up its efforts to clamp down on false trade flows, he added. In a statement on its website Saturday, SAFE said banks and companies will be subject to increased scrutiny of their trade financing and foreign-exchange operations.
"It is hard to tell, however, to what extent exports data may have been distorted by capital inflows in November. Industrial production data should help verify if the export rebound is real," Zhang added. He forecasts GDP growth will slow to 7.5 percent in the fourth quarter - from 7.8 percent in the previous three months - before decelerating to 6.9 percent in 2014.
(Read more: A China data deluge for Asia markets this week)
China is due to a release a slew of economic data on Tuesday, including industrial production, fixed asset investment and retail sales numbers for November.
Economists polled by Reuters forecast industrial output rose 10.1 percent in November from a year earlier, compared with a 10.3 percent rise a month earlier. November retail sales are forecast to rise 13.3 percent from a year earlier, unchanged from a month before.
—By CNBC's Ansuya Harjani; Follow her on Twitter: