The independent think tank Asia Matters, chaired by former minister for finance Alan Dukes, has been in Japan and China this month running its EU Asia top economist round-table discussions, and a strong line-up of political leaders and thinkers showed up for the two events.

"We've had a fantastic response in Dublin, in Tokyo and here. All the Asian ambassadors have been solidly behind it and the Irish agencies have been extremely good," said Mr Dukes, speaking in Beijing.

The forum contributors were “ all very conscious about the ‘new normal’, about the move from double-digit to single-digit growth,” said Mr Dukes.

“They are all apprehensive about what that actually means, about what will be the effects of a slowdown in growth,” he said.

“What they are hoping it means is that a slowdown will make them think more about the quality of the growth, and what are, long term, China’s competitive capacities,” he added.

There was also a major focus on the need for innovation, but there was, again, an awareness that it was possible to innovate and fail.