European business elites and analysts are confident about the prospects for China's economy in 2015 but also point to some challenges, such as property prices and the environment, that the government needs to handle.

"China has a very robust plan and a seamless execution of its economic transformation," said Kurt Haerri, president of the Swiss-Chinese Chamber of Commerce. "This was the solid foundation on which economic development had been successfully built during the last 30 years, and it will be a solid base for progress in the future.

"Further, it should be noticed that China - unlike many countries in the West - has a long-term view and is therefore addressing the need for reforms timely and thoroughly."

Stephen Phillips, chief executive at the China-Britain Business Council said he, too, is optimistic about the prospects for China's economic transformation.

"We have seen encouraging signs to indicate that things are heading in the right direction. This will be a long process and will require sustained momentum," Phillips said.

While analysts realize that Chinese economic growth is slowing, some also point out that business opportunities are bigger than before.

Nicolas Musy, managing director of Swiss Center Shanghai, a nonprofit organization, said that Swiss companies are actually experiencing a faster expansion than before.

"The reason is that 7 percent growth today represents more added GDP than 11 percent growth in 2008, so business opportunities for growth are actually bigger now than five years ago," Musy said. "It is important, and an opportunity for the rest of the world, that China succeed in its transition to having a much bigger part of its GDP based on domestic and private consumption rather than on government-based investment."

As the powerhouse of the global economy, China is a major focus of the annual meeting of the World Economic Forum this week in Davos, Switzerland.

"I think the world, or a big part of it, has not come to terms with the fact that China's economy is unlikely to grow as fast as it used to. The recalibration process will take time. It's a balancing act that needs very careful maneuvering," said Kamel Mellahi, professor of strategic management at Warwick Business School in Britain.

zhangchunyan@chinadaily.com.cn