Regulatory certainty 'key' for transition

At last week's China Development Forum, there was a consensus among international business leaders that a Chinese economy in its "new normal" of slower but more sustainable growth, driven by innovation and higher value-added activity, would be crucial in maintaining a healthy global economy.

There was also widespread acknowledgment that a successful transition to the "new normal", a term coined by President Xi Jinping to denote the transition, would require an unprecedented effort and, as Premier Li Keqiang has warned, would be painful.

There are no illusions about the task at hand.