China's economy steps into 'new normal', no turning back

Despite a cooling consumer market, Haier, China's leading home appliance maker and one of its first firms to have established a global presence, recorded 19.6 percent net profit growth in 2014, thanks to its "determined shift" to an Internet-based factory-to-consumer business model.

In a few short years, Haier Group has been quietly building Internet-based smart factories, where factory-based production of customized products has replaced traditional large-scale manufacturing.

Li Pan, vice president of Haier's home appliance industry, told Xinhua that many of the company's products are designed to cater to special user needs.

The growth model and potential of companies such as Huawei and Haier will be the new normal of the Chinese economy, and there is no turning back to the old development path, Fan at the State Information Center said.