Vested interests that wish to maintain the status quo would undoubtedly push back against inherent structural reforms, such as state owned enterprises rallying against lowering barriers for private firms, increasing market competition.

"Still, I see no reason why we should be particularly pessimistic about China's commitment and ability to implement meaningful economic reforms," Laurenceson said.

"We shouldn't expect that Chinese institutions will always look the same as those in the West and there is no reason they must. It is how effective they are that matters."

Economic policy that spurs innovation and productivity on the back of private-entrepreneurs rather than state-owned enterprises over the next five years would need to be implemented to maintain steady growth, reforms that would be hard to implement even in the West, Laurenceson said.