Slower growth 'can be good development'

"Shanghai is the wealthiest, but it is not growing very fast. Businesses are interested in growth, seeking the next big sources of revenue, which are in second- and third-tier-cities."

New foreign direct investment in China's coastal areas will continue to fall. The amount of FDI received by China's eastern provinces is likely to be halved by 2015, according to the EIU.

That decline doesn't portend job losses or a property slump, he said. "It's not a withdrawal of current investment, only less new investment coming in, although new construction will see a slowdown.

"It's a good thing for China because the cities in the north and west don't just need the money; they also need the operating know-how of foreign companies to help increase productivity."

China is growing slowly, but as it becomes bigger, the country will still be one of the drivers of the global economy.

"In the past, China's demand for raw materials has been very supportive of growth in other countries... that's going to continue," Bew said.

"In the meantime, China's rising wages and higher demand will create new opportunities."

7.6% GDP increase seen for 2014