Slow growth rate

China's economic growth rate has indeed dropped, but I don't see any reason for the rest of the world to be unduly worried about that. Slow and sustainable economic growth is better than experiencing a boom only to be followed by recession.

The two-digit economic growth rate that China registered for years was phenomenal considering its size, resources and population. Another country, similar in size, resources and population, might not have been able to achieve that rate of success.

Chinese people, especially the youth, are optimistic about their future even though not all of them would be able to get a decent job. The spending power of the common people is increasing despite inflation continuing to pose a problem. Skyrocketing real estate prices do play a key role in keeping inflation high, but the real estate boom will not continue forever; the market will stabilize in the long run.

It's true that college graduates today find it difficult to get a job in the fields of their choice. But it's also true that the government is spending enough money to create more job vacancies in all professional, technical and academic fields.

Although people in China and the rest of the world need not worry about the falling growth rate, the government should take cautionary measures to tackle the situation. We can all rest assured, however, that China's economy is not going to collapse.

Kolbe, on China Daily website

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(China Daily 09/12/2013 page9)