Just over a year ago the feeling in global markets was the China miracle was coming to an end. Global markets were readying themselves for a hard landing as China's state-owned enterprises debt levels spiralled and the general consensus was President Xi Jinping's reform program was grinding to a halt.

Fast forward a year and the growth in China across all sectors is picking up. China's domestic reform agenda is still playing out and the level of debt has sometimes been overplayed. In fact, many of the world's China naysayers do not take into account that in net terms the country has never borrowed a single dollar internationally – it's a net lender. Moreover, state-owned enterprises make up only 30 per cent of the economy, meaning 70 per cent of the economy is far from over-leveraged.