Some Chinese terms that emerged in 2014, still trending and my proposed translations. Note that many of these may have alternative meanings as the language evolves.

顶层设计　High-level design/Top tier design
In its usual engineering concept, 《顶层设计》refers to a “top-tier design” but when transplanted to politics and economics in China, it refers to strategic management by the government.  As a political term, it refers to strategizing at the highest level, therefore the term “High-level design” is probably more appropriate.

新常态　New Normal
This term originates from the Chinese translation of the popular term “new normal”.

打虎拍蝇(或“老虎苍蝇一起打”）Attack every rank and file(of bureaucracy)
Literally this phrase means “attack the tigers and slap the flies” where “tigers” is a euphemism for corrupted high-ranking officers while “flies” refer to their underlings or local, often lower-ranking, corrupted officials.

断崖式　Step off a cliff
Used to describe when the situation is deteriorating and the rate and magnitude of change is huge and rapid.

你懂的　As you know
When probed by the media on the Zhou Yongkang incident on 2nd March 2014, a government spokesperson said he was only able to answer as such, “as you know” and the Chinese term became popular and is used to refer to “things better left unsaid” but which many are already aware of what was going on.

Reference: 2014年度十大流行语出炉 “萌萌嗒””高大上”入选 (http://media.people.com.cn/n/2014/1217/c40606-26222500.html)

断舍离　Sever, discard, separate
This phrase originated from Japan.  It means to “sever from things that are no longer needed, discard excesses and separate oneself from obsession with materialism.”

失联     Lost contact
This has a sad origin.  It’s a shortened form of “失去联络” and became popular usage after the unfortunate incident on 8th March 2014 when MAS flight 370 (Boeing 777-200) lost contact with the flight control center.  On board this flight include 152 passengers from China.

神器　Magnificent tool
Used to describe any new tool, equipment or technological products that offer some unique and special (presumably “magical”) function or effect.  Used mainly in marketing.

高大上  Prominent and prestigious
This is a shortened form of “高端、大气、上档次” which refers to high-end (luxuries), ostentatious (behaviour) and high level prestige (status).  The common translation for this is “Luxurious, large, level up” which I find somewhat awkward.  The alternative is what I proposed to use.

萌萌哒　Adorable/lovable
An extension of another popular internet work “萌萌的” which means that something is cute.  Was originally an internet phrase that has now became common popular usage.  It means something is just so cute that one cannot help liking it – can be used to describe person, things and events.

Reference: 2014年度十大流行语出炉 “萌萌嗒””高大上”入选 (http://media.people.com.cn/n/2014/1217/c40606-26222500.html)