She says that several new steps announced by the Chinese government aimed at reducing red tape and facilitating trade, such as abolishing taxes on small businesses with less than 20,000 yuan ($3,300; 2,500 euros) of monthly income, will promote entrepreneurship and growth. "The ingenuity and hard working capabilities of the Chinese people will also create a strong workforce to support growth," McKinstry says.

She says that China is not only playing a bigger role internationally in the financial markets, but also encouraging its companies to adopt global standards and products along with spurring innovation.

McKinstry says it is also encouraging to see the Chinese government come out steps to stimulate investment and hiring within the services industry. "Professional services like law, finance and healthcare will be the new high growth sectors and the mainstay for future growth," McKinstry says.

"The next priority for China will be to push for the adoption of risk management solutions across its industries, thereby setting a global standard for financial institutions and other major sectors," McKinstry says.

Eric Goldschneider, managing partner of Antwerp-based chemical trading company Arpadis who has close business contacts with China for more than 10 years, says his confidence in China stems from his personal experiences.

He says he has seen China changing from a net importer of polyurethanes to a net exporter of the same and becoming a world leader in flame-retardants. "China has gathered huge competitiveness in manufacturing high-end products, and this should be one of the main drivers for future economic growth in the next two decades," Goldschneider says.

Though real estate and exports will continue to be important for China, Goldschneider expects a big jump in domestic consumption due to rising middle class, baby boom (possible relaxation of the family planning policy) and urbanization of inland cities.

He also believes that IT, telecom, food, personal and medical care, life insurance, transportation and distribution will be the developing industries.

"I believe that my son Edouard's generation (born in 1999) will experience and benefit from China as much as my generation did from the US," Goldschneider says.

Goldschneider has already enrolled his son Edouard in a Chinese academy so that the youngster can learn Chinese language and culture and also understand the nuances of the financial sector in China.

"The more the next generation is educated, the better they will be prepared for this shift of power and better the growth opportunities," he says.