China's recent economic downturn is less a sign of catastrophe than of the long-awaited shift to a market economy model that is service-based and consumption-driven.
It is more than necessary to promote the ability to defend financial security during the 13th Five-Year Plan (2016-20) period.
Despite reduction, China's GDP figure is still a great result given the current adverse economic situation in the world, said a Brazilian expert.
Despite shrinking exports, China's leadership is pleased with a recent trade surplus increase, which is being counted on to ease pressure on capital outflows and back a stronger currency.
As China's economy enters the New Normal, a key challenge is widening income gaps and the State needs to take measures to prevent the trend.
China's economy grew at its weakest pace in six-and-half years in the third quarter, but beyond the headline number, analysts see signs of rebalancing.
Chinese think tank researchers call for a more active approach in the country's foreign economic relations in the 13th Five-Year Plan (2016-20).
It will be an enormous achievement for China if the world's second-largest economy can grow at 6 to 6.5 percent over the next five years, said World Bank expert.
The fundamentals of China's economy are unchanged, though the economy grew only 6.9 percent year on year in the third quarter, lower than 7 percent in the first half of the year.
The Chinese economy's slowing to a six-year low in the latest quarter highlights the urgency of effective reforms to the economic system, but panic over the country's growth prospects is unnecessary.
In this development model, the central government delegates powers to the local governments and links their interests, which range from tax revenues to personal promotion, to regional development.
China's financial system is under control and reforms will not stop despite temporary government intervention.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
