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Analysts pointed to the culture of innovation to continue to drive its growth but challenges remain.

And even those who embrace it acknowledge its shortcomings: regular elections can lead to short-termism among political decisionmakers, while the two-party system that prevails in the US and UK tends to silence alternative voices.

And, wiser after the 2008 global financial crisis, central banks the world over, including the People's Bank of China, are determined to preempt any potential trouble.

Andrea Manca from the University of York says: "It's important to remember that a healthy population produces more, increases the economy, and puts less burden on the healthcare system. So, a country's budget can be invested in other areas with research or investment priorities."

Andrew Sheng, distinguished fellow at the Asia Global Institute at the University of Hong Kong, believes the increase in consumer confidence in China in January will herald a recovery in growth.