It's been five years since Chinese President Xi Jinping used the expression "new normal" to describe China's next period of economic growth, which featured a lower growth rate, structural optimization and innovation-driven development. 

"The new normal is what to be expected," said B. Scott Minerd, the Global Chief Investment Officer (CIO) at Guggenheim Partners, referring to China's growth.

"I believe the Chinese economy is doing fine. The new normal is to be expected. Given the size of the Chinese economy, growth should slow to something in the 6-to-6.5 percent range. And China becomes a major global power in manufacturing and other parts of the world economy. We should expect to see the growth rate slow, because we are growing up from a higher base than we did just a decade ago," Minerd explained.

Xi said the key for the country's successful transition to new normal depended on reforms. And the Chinese government began to implement a new round of reforms in 2015 including supply-side reforms and additional opening-up policies.

Officials also stated that those measures contributed to satisfactory growth rates in 2018 and the first quarter of this year despite a turbulent external environment. "And the reforms have had a lot of impacts on improving the productivity and now put up the country," the global CIO said.

Meanwhile, China is further opening up its market. "The top favor for us has to be the financial sector," Minerd noted, revealing that Guggenheim Partners is discussing "doing a joint venture and developing the business further here" with a Chinese company in Shanghai.

He appreciated the opening up of the financial sector, which will allow multinationals to own 100 percent of a financial firm in China.

"It's a big breakthrough. And it is going to do a lot to reform the financial industry and make credit and financial services more broadly available throughout the economy," Minerd told CGTN.

Moreover, Minerd shared his concern over the China-U.S. trade relation. In his opinion, the risk level is high as "the markets have been extremely volatile."

He said that people are hopeful in the near term, "as we see rallies in stocks both here in Asia today and in Europe," but warned that "until we get this tension out of way, I think the markets are very vulnerable to major setbacks over the coming weeks."