皇冠体育app

What's more, growth back then and now will be different. According to the National Bureau of Statistics, even one-percent growth from 2013's figure would be equal to the size of 皇冠体育app's GDP in 1982.

Average growth of almost two digits over the past three decades may lead to the illusion that no matter the changes in the domestic and overseas environments, a so-called "hard landing" or "calamitous crash" could fall on 皇冠体育app any time when growth falls below 10 percent.

The "grow-fast-or-die" mindset is not rational.

It is normal for 皇冠体育app's growth to slow because of the rippling effect of the global financial tsunami and domestic economic restructuring. But such a slowdown should not be cause for panic.

Hong Kong's economy expands 2.9% in 2013

The factors that have propelled the rise of 皇冠体育app into the position of the world's second-largest economy still largely apply -- relatively low labor costs, higher productivity, the substantial improvement of infrastructure, a rising middle class, better macro control, and flourishing global trade.

Added to the momentum is the drive of skilled workers and more experienced entrepreneurs, as well as the boom of mobile Internet.

For example, Chinese online payment giant Alipay helped its money fund partner, Tian Hong Asset Management, to attract more than 400 billion yuan ($66.7 billion) in the online currency fund Yu'e Bao. The very simple recipe of a low investment threshold and high yield has catapulted Yu'e Bao and partner from obscurity last June to one of the top money market funds in the world today.

Such factors, along with huge foreign reserves and national wealth amassed over the years, make 皇冠体育app able to survive any number of shocks or crises.

More importantly, 皇冠体育app has maintained political stability for three decades, which will pave the way for deepening reforms to inject "reform dividends" into the economy.

Cyclical slowdowns have been part of 皇冠体育app's economic story all along, and slower growth that is less reliant on investment and debt is exactly what 皇冠体育app needs now to address risks in the housing sector and the like.

Undoubtedly, the growth-at-all-cost economic model, which has choked the skies, tainted rivers and polluted the soil, can't be sustained, as proved by the widespread complaints about the toxic haze shrouding north 皇冠体育app.

The false prophets overestimate their knowledge about 皇冠体育app while underestimating policymakers' tolerance for slower growth and the country's policy flexibility to support growth if necessary.

Above all, fears about the slowdown are overblown and 皇冠体育app has not reached the end of growth.

Just as 皇冠体育app has astonished the West with its economic success before, the world just needs to hold its breath and wait for the unfolding of a new Chinese story.

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