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Items are manufactured using 3D printer at an expo in Shanghai, Sept 29, 2014. [Photo/IC]

It is vital that the country's companies continue to upgrade their operations in the next five years as part of the "Made in China 2025" drive. Partnerships with overseas players in advanced technology will increase China's competitive edge, according to Andy Cheung, managing partner with Ernst & Young in greater China.

"The country has done an excellent job, but timing is crucial if China is not to lose its edge," he said, adding that manufacturing rivals in countries such as Indonesia and Vietnam are improving their infrastructure and labor skills.

To do this, Cheung has called for greater international collaboration when it comes to technology and other key services. This will help increase momentum as the nation pursues the "Made in China 2025" strategy, which centers on technological development in a move to revamp the manufacturing sector in the next 10 years.

Since the second half of last year, the economy has continued to slow. GDP growth fell to 7 percent in the first six months of 2015 from 7.4 percent last year.

"We need to adapt to the changing business environment as China's reforms deepen, and focus on client needs, such as IT consulting, e-commerce and outbound mergers and acquisitions," Cheung said.

Industries including retail, life science, medical, technologies and transportation still have excellent growth potential. But energy-consuming industries such as the automotive sector, mining and chemical production are facing tough times. In these areas, talent and resources need to be redeployed as the economy is rebalanced.

"When you look at the figures, 7 percent growth is still impressive compared with many other countries, and is more sustainable as the economy is transformed," Cheung said.

"As reform continues and capital markets mature, there will be more demand for professional services."

Ernst & Young is reaping the rewards from this. The global company is on track to record double-digit growth this year in China and plans to expand its latest recruitment by 300 to 2,100.

The firm opened new offices in Shenyang in Liaoning province, Changsha in Hunan province and Xi'an in Shaanxi province during the past two years.

"Many of the ongoing reforms and government initiatives, such as State-owned enterprises, the Belt and Road Initiative and outbound investments have presented business services opportunities to professional firms like Ernst & Young," Cheung said.

Andy Cheung, managing partner with Ernst & Young in greater China

We sat down with Andy Cheung to get his insight into the New Normal and the opportunities and challenges that lie ahead.

1. Economic slowdown pressures have increased in China since the second half of 2014. The GDP growth has fallen to 7 percent in the first six months of 2015. What are the challenges that Ernst & Young faces in the country?

Cheung: As a professional service firm, we do feel the pressure as our clients are now operating in a more challenging market with slower growth. We need to adapt to the changing business environment as China's reform deepens, and to focus on client needs such as IT advisory, e-commerce strategy and outbound mergers and acquisition.

The change of the environment also requires us to refocus and redeploy our talents and resources. Industries including retail consumption, life science, medical, technologies, transportation enjoy higher growth, whereas high-energy consuming industries such as automotive, chemical and mining are in the middle of a tough time. However, take automotive as an example, there is strong demand around retail consulting.

Seven-percent growth is still impressive compared to many other countries, and is more sustainable as the economy transforms. As the reform deepens and capital market matures, there will be more demand for professional services.

EY is expected to retain a double-digit growth this year in China. We plan to expand our hiring by 300 to 2,100. Retention of talent is a major challenge to professional service firms like EY. The temporary slowdown in the China economy actually helps with our retention across our different service lines.