"Supply-side Reform: China's New Supply-side Economics," Jia's latest book on China's buzzword. [Photo provided to China.org.cn]

Economic bottoming out likely in 2016

As China's supply-side reform becomes more targeted and systematic, without any major policy errors, the country's economy may bottom out and later stabilize against the major downward pressure, Jia suggested.

Supply-side reform has been the latest buzzword among Chinese leaders and economists as the country moves to address issues like excess capacity, housing overhang, and unprofitable "zombie" state-owned enterprises.

As the pioneer of "new supply-side economics," Jia pointed out in his latest book "Supply-side Reform: China New Supply-side Economics" that the powerhouse's "new normal" of economic development has yet to come.

"We have entered a ‘new' phase shifting from high-speed growth to a medium-speed one," he said. "However, the ‘normal' pattern featuring structural optimization and quality improvement that supports the economic bottoming out is yet to come."