Farewell to GDP obsession shows resolve for real reforms

Uneven regional growth also means more potential in investment and consumption. The government's decision to lift more than 70 million poor Chinese out of poverty will unleash a continual stream of fresh growth.

In addition, China has taken unprecedented steps, from subsidies to venture capital financing, to promote innovation and entrepreneurship as new growth engines.

The economic numbers might continue to look undesirable in years to come, especially for sectors burdened with overcapacity. There will be a tough battle ahead to deepen reforms. The Chinese leadership, however, is determined to get real with reforms despite short-term pains.

Firms in industries facing overcapacity will merger or go bankrupt. The bloated state-owned enterprises will be streamlined. The government will be committed to pushing forward structural reforms, especially on the supply side, to reduce overcapacity, destock, deleverage, lower cost and shore up weak growth areas.

Of course there will be no miraculous V-shape economic recovery, but after painstaking structural reforms, the world can expect a more sustainable and vibrant Chinese economy.