Like the rest of the world, mainlanders happily rang out 2011, a year marked by natural disasters, man-made tragedies including the deadly Wenzhou train crash and accidents of overcrowded school buses, rising social discontent, and falling stock and property prices amid a slowing economy.
At first glance, however, the year ahead is shaping up to be even more unpredictable, despite the arrival of the auspicious lunar new year of the dragon later this month.
Politically, the mainland is bracing for a power transition later this year when the current leadership under President Hu Jintao and Premier Wen Jiabao makes way for a younger crop of leaders, which could limit the policy options of the outgoing leaders.
And, more importantly, on the economic front a slowing economy and falling property prices have raised serious concern at home and abroad over the possibility of the mainland economy heading for a hard landing. Such a scenario will have disastrous implications for the global economy, already weighed down by deepening economic gloom in Europe and the US.
However, there are also good reasons to remain hopeful. While concerns over the mainland's political and economic landscape are legitimate, fears of an economic hard landing or worse are overplayed.
After more than 30 years of double-digit growth, which propelled the mainland economy to be the second largest in the world, the mainland's is set to grow at between 8 and 9 per cent in coming years. Most economists expect the economy to grow at about 8 per cent this year, with many seeing such a deceleration as a cause of concern.