Slowdown price worth paying for sustainable future

It is true that the Chinese economy is slowing in a way that might be making its economic transformation towards steady but sustainable growth more painful than expected.

However, the difficulty in advancing reforms does not negate the necessity of them.

Looming deflation pressures and declining trade have definitely troubled the world's second-largest economy as it struggles to pursue quality and innovation-led growth. China's consumer price index, a main gauge of inflation, grew 1.2 percent year-on-year in May, adding to concerns that downward pricing pressures may discourage consumption and investment to further hurt growth. After registering a 7.4-percent increase in 2014, the weakest annual expansion in 24 years, China's gross domestic product growth in the first quarter of the year further eased to 7 percent.