Economic slowdown underscores need for reforms, not panic

"The fundamentals of a steadily growing economy have remained unchanged. The new type of industrialization, IT application, urbanization and agricultural modernization that is in full swing has generated strong domestic demand and great potential for future growth. It has also made the economy more resilient and adaptable," Xi said.

"Going forward, we will deepen market-oriented financial reforms according to law to cultivate an open and transparent capital market that enjoys long-term, stable and sound development. We will improve risk management, stabilize market expectations and make it easier for private capital to operate in the financial sector to better support the real economy."

Under the government encouragement of innovation and entrepreneurship, China is witnessing a surge of creativity of its people. In the first three quarters, 30,000 new companies were registered everyday.

While the Chinese are keener to start their own businesses, more reforms are being introduced to improve the efficiency and quality of ossified state-owned enterprises.

Over the past 30 years, the world was awed by China's economic ascent. In the years to come, China can still be counted upon to power global growth as it irons out short-term economic wrinkles with reforms and people's creativity.