Forget fears, economy is alive and kicking

Despite being the lowest in 25 years, China's 6.9 percent growth in 2015 should not come as a surprise, because it has decelerated gradually rather than abruptly. The decline from 7.0 percent in the first quarter of 2015 to 6.8 percent in the fourth quarter was very moderate. Also, no drastic changes have occurred in China's economic environment and it still maintains a dynamic balance between upward growth and downturn pressures. And since either of the two factors can overpower the other, it is normal for China's economy to experience short-term fluctuations.

Besides, the 6.9 percent growth basically met the 7 percent or so official target for last year. Considering its colossal economic size, the growth rate is more than satisfactory for China, especially because of the harsh global economic environment.

More importantly, the increase of the tertiary sector's share to more than 50 percent of China's GDP augurs well for an economy undergoing transformation and upgrading. With consumption replacing exports and investment as a main driver of the economy, it has become clear that China can wean itself from the investment- and export-driven economic model and further tap into the vast domestic consumption potential.

Chinanews.com