Whether the slowing of China's economy is permanent or temporary, the Chinese authorities have a great deal of work to do in laying the groundwork for strong economic performance in the medium and long term.
GaveKal-Dragonomics, an independent research and advisory firm specializing in China's economy, explains China's growth this way: "As it has modernized its economy, China has experienced a virtual 'tsunami' of labor.
Prolonged economic difficulties in what are essentially Chinese manufacturers' main export markets pose long-term challenges to the country's economic model.
The heavier-than-ever brake China will put on this year's economy attests to its greater determination to bid farewell to the past GDP-dominated economic model and improve the quality of economic growth and its effects.
By decelerating its GDP growth to 7.5 percent, the slowest since 2005, the Chinese government aims to promote the quality of its economic growth.
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