Reforms must put quality growth first

A recent spat of weak indicators point strongly to a slowdown in Chinese economic growth. Compared with previous years, 2014 saw a marked decline in overseas demand and investment growth.

Some say the current slowdown means China's golden age of growth is at an end. In fact, it could just as likely signal the start of a new stage of development. Domestic GDP expanded rapidly for several decades, now it's in the country's best interest to put growth quality ahead of quantity. In fact, China has long outstripped many other countries in the world on growth.

Only with structural improvements and industrial upgrading will China achieve sustained development.

In the future, China should refrain from implementing large-scale stimulus measures calculated to ease pressure from its decelerating economy. Instead, leaders should continue to push forward with steady reforms in the financial sector, State-owned enterprises and local tax codes.

For instance, current conditions call for the streamlining of government administration to create a fair and transparent environment for all Chinese citizens. Deepening reforms are needed in this direction, which will ultimately prove beneficial for growth.