Signs of cooling welcome

Call it a slowdown if you like.

China's economic growth did dip slightly from 9.7 percent in the first quarter of this year to 9.5 percent in the second quarter. The latest figure even marked the slowest pace of growth since the third quarter of 2009, when the world economy was just pulling itself out of the worst recession in more than 70 years.

However, while Europe's sovereign debt troubles are escalating and unemployment in the United States remains stubbornly high, the resilience of the Chinese economy is proving greater than expected.