Growing pains point to future strength

The Chinese economy expanded by 6.9 percent in the third quarter, falling below the psychologically important level of 7 percent for the first time in six years, latest statistics show.

At a moment when the world economy is bracing for expected annual growth of 3.1 percent, the worst since the global recession of 2008, China's slowdown will surely add to concerns over the health of the global economy.

But a closer look at the structural changes that are taking place in this country should actually guarantee more confidence than consternation over the performance of the world's second-largest economy. As Chinese President Xi Jinping pointed out in an interview with Reuters before his visit to the United Kingdom, the Chinese economy is experiencing growing pains as it shifts from old drivers of growth to new ones.