China's economy is expected to grow at a much slower pace of about seven percent over the next decade, but its stock market still has the most attractive upside among "BRIC" countries, according to Goldman Sachs.
After three decades of breakneck development that saw annual growth average of 10 percent, China's government is trying to steer growth lower to complete structural economic reforms.
"We're all used to the drug of 10 percent growth and those days are behind us," said O'Neill.
As China makes its transition, O'Neill expects consumer-related and healthcare companies to benefit, while those that depend on heavy industry production and heavy industry commodities were likely to lose out.
China is not alone in facing slower growth. Goldman Sachs Asset Management expects all "BRIC" countries, except Brazil.
However, their collective share of the world economy will still rise, and O'Neill noted that recent policy reforms that some countries like India and Brazil have introduced are a good sign.
India introduced sweeping reforms two weeks ago, such as raising the price of heavily-subsidized diesel, aimed at shoring up government finances and attracting foreign investment to revive economic growth.
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