BEIJING - Pain was part of 2014 for the Chinese economy, with growth likely to post at the lowest rate in over a decade. But this will not force China to backtrack on its reform promises, [Hong Kong Company Formation & Registration]as pain paves the way for future gains.

For this year's first trip outside the capital, Premier Li Keqiang went to Shenzhen, a metropolis that has become a symbol of reform and opening up in China.

During his visit there last week, Li said China will count on reforms to strike a balance between steady growth and necessary adjustment in economic structure, as well as to maintain medium-to-high-speed growth.

Li's trip and statement convey a very clear message: China will not sacrifice reform efforts just to prop up growth.

After more than three decades on steroids, the world's second-largest economy has transitioned from miraculous growth to a "new normal" of slower, yet more sustainable growth.

The new normal underscores a general consensus that a manageable slowdown is not a big danger, but a lack of reforms could be fatal for long-term development.

The road map for reforms seems evident.

China rolled out a raft of reform measures last year, including abolishing registered capital requirements for new firms, a landmark opening of the capital account via the Shanghai-Hong Kong stock connect scheme, and abandoning price controls on several commodities and services.

In a tone-setting economic conference in December, [company registration in Hong Kong, Hong Kong company incorporation]Chinese leaders stressed nine areas for focused reform efforts for 2015: the capital market, market access for private banks, administrative approval process, investment, pricing, monopolies, franchising, government purchasing and outbound investment.