For global growth all countries need structural reforms

Policymakers may breathe freely again after the passing of the roller-coaster month of July when the Greek debt crisis and the Chinese stock market plunge almost spun out of control. But since economic headwinds remain strong, owing to worse-than-expected global growth and world trade this year, how worried should the world be about China's slowdown?

Given the huge contribution China's double-digit economic growth has made to global growth over the past decades, the international community should certainly keep its fingers crossed until the world's second-largest economy bottoms out to add momentum to global recovery. In particular, countries reliant on China's import of raw materials, and machinery and equipment should be worried.

True, China's economic slowdown has made it difficult to stop the slide in commodity prices in recent years and reduced the exports of some countries' manufacturers. But it is gross exaggeration, as some Western media outlets have done, to blame China not only for the economic sufferings of export-dependent developing countries but also for the woes of European countries that excel in producing capital and luxury goods.