New Year resolution: fresh start for China's reforms

China's 2013 meant new leadership and new pace of growth. The forecast of 7.6 percent is the lowest in 14 years. but thats exactly what the rebalancing is about, the focus shifting from headline growth to underlying structural improvements.

The year kicked off with robust growth momentum, but slowed down when policy guessing stalled investments in the second quarter.

Sentiment picked up in the latter half of the year as the policy direction became clearer.

Going into 2014, growth will be keenly watched for the effects of reforms.

The initial pain of adjusting to changes may hamper China's expansion.

Nomura says China's GDP growth may have peaked in the third quarter of 2013, and the downward trend will last through the first half of 2014.

Bank of Communications International says the biggest challenge for the government, is to accept the toll on growth rate even below 7%--and stay the course on tough reforms.

CLSA sees China's private sector as a new pillar of the economy, creating jobs and firming up industrial output, which buys time for the complicated and painful SOE reforms.

China's reforms will run the gamut from economic to social, legal arenas. it's allowing more private investment, giving farmers more flexibility over their land, freeing up state controls so everyone shares more equal growth.

That should be what the China dream is all about.