Balancing growth and transition

THE COUNTRY HAS GOT AS MUCH ECONOMIC growth as it needs. Its annualized GDP growth was 7.4 percent in the first half of the year, falling short of its yearly target by a negligible 0.1 percentage point, amid ample signs that it can still attain that in the second half. So in all likelihood, China will meet its yearly growth target of 7.5 percent.

This should bolster people's confidence that China can sustain relatively high growth while making the successful transition to higher quality.

The reality, as shown by the latest figures from the National Bureau of Statistics, is contrary to the concerns circulating in the capital market earlier this year that the sustainability of China's growth would inevitably suffer as a result of the flagging export demand, limited domestic buying power, and an almost fathomless level of local government debts.