How fast will China grow over the next five years?

Editor's Note: The insightful observations on major initiatives and issues outlined in these five pages present snapshots of the major trends in 2014 and what can be expected in the coming 12 months.

In the 35 years since China's transition to a market economy began, the country has grown at an average rate of 9.8 percent - an explosive and unprecedented rise. But there are signs that the Chinese miracle is coming to an end - or at least that the country's economic growth is slowing. China's growth rate has been falling since the first quarter of 2010. In the third quarter of 2014, it was a relatively anemic 7.3 percent.

As 2014 winds down, China's economic growth is likely to continue to face stiff headwinds, at least when compared to previous decades. As policymakers in 2015 draw up the country's 13th Five-Year Plan (2016-20), they will grapple with a fundamental question: How fast can China expect to grow?