The slowing economy reflects what premier Li Keqiang calls the "new normal" of slower, but better, economic growth.

China is looking to the domestic market for impetus and also looking to invest overseas, including Europe. Ireland, in particular, could benefit from this, says Alan Duffy, chief executive of HSBC Ireland.

China’s direct and portfolio investment assets have a lot of room to grow, making up only 6 per cent of the world’s overall outward direct investment.

“Ireland should be well placed,” says Duffy. “The historical contribution to our economy made by FDI over the years has been huge. Policymakers need to make sure that Ireland captures the opportunity provided by this increasingly significant source of capital by replicating the hard work put into previous target markets.”

The fact the IDA is active in China with offices in Beijing, Shanghai, and Shenzhen is a good sign, as is the fact many third-level institutions in Ireland offer courses in Chinese and business courses often have it as a module.

Ireland is an attractive option for Chinese companies in two key investment areas – food and telecommunications, says Duffy.