7% or less, no nightmare for Chinese economy or the world

Actually, China had responded to those questions.

China's saving rate is over 50 percent, and the Chinese government is capable of ensuring that there won't be regional or systemic financial risks, Chinese Premier Li Keqiang said at the World Economic Forum in Switzerland last month.

For several consecutive years after the global financial crisis that started in 2008, China has been the top contributor to world economic growth.

As for the labor market, China's urban job creation increased to over 13 million last year when the economy was decreasing.

China should unburden itself from keeping its growth rate to eight percent or seven percent, many strategists suggest.

Huang Yiping, vice president of the School of National Development of Beijing University, pointed out earlier that the connection between employment and growth speed was not that close. Even if China's growth slows down to 6 percent, there wouldn't be the end of the world for China's labor market, Huang said.

For those people who suspect that China may go bust, Paul Krugman's new observation could be thought-provoking.

"Will China break?" as the Nobel Prize winner wrote in his column on The New York Time in December 2011, he probably believed it then.

Yet, he recently seemed to have found a different answer to his own question. He told Chinese listeners in Shanghai that China had successfully defused part of the financial risks, thanks, partly, to the effort by the Chinese government and regulatory authorities. Even though there are asset bubbles and risks of lower growth, the longer-term prospect of the Chinese economy is bright, Krugman noted.

Some international observers suggest that for China, there is no need to burden itself to keep "around seven percent" growth goal.

There won't be a nightmare for China and the world to say goodbye to the "seven (percent growth) era."

"We should go beyond the 'speed complex'," said Xie Lujing, a senior analyst of Chinese capital market and director of Strategic Development department of China Business News. "We'd rather welcome a healthy six percent, not a fake 10 percent," he added.